Daily Archives: April 6, 2010

Notes: State Tax Revenues Rise in March

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For the first time in 17 months, state revenue collections rose year-over-year, with March 2010 collections $7 million higher than March 2009.

Total revenue collections in March were $2 million above the forecast used to construct the current state budget. And they were $48 million above a recently downgraded forecast. The state collected $908 million for March, the State Budget Agency reported Monday.

Sales tax collections for the third quarter were 1 percent below the prior year – the strongest performance in the last five quarters. But the state is still $867 million behind for this fiscal year, which ends in June.

Gov. Mitch Daniels so far has blunted that deficit with spending cuts, including a $300 million hit to Indiana schools.

The Department of Health & Human Services has given Indiana $1 million to help low-income families save for a house, start a small business or save for higher education.

Tippecanoe County has approved rules for wind farms in the region.

Sewer rates are jumping 23% in New Albany.

Wayne County Boosts Two Local Firms

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The Wayne County Economic Development Corporation has granted EDIT fund to two local firms to help them in expanding their businesses and creating new jobs in the area.

Crate Creations, located in the Rose City Business Park in Richmond, will receive $5,000 in EDIT funding to assist in the purchase, shipment and installation of new machinery and/or the training of employees which will allow it to branch out into the bio fuel and animal bedding industries. Crate Creations will be investing $150,000 of its own money for the new machinery and adding one new job.

Hagerstown Plastics, also in Richmond, is expanding into the former Bev’s Threads building located at 621 S. J Street in order to expand operations, creating six new jobs in the process. The company is investing $260,000 in the expansion project. The EDC of Wayne County has provided an EDIT grant of $6,825 from the consolidated EDIT fund to assist in the purchase and renovation of the facility and/or for the training of employees.

Since January of 2009, the EDC of Wayne County, through its EDIT fund, has assisted existing businesses in the commitment to the retention and creation of over 148 jobs and provided training assistance funds to 12 companies. These projects have resulted in over $13.3 million in new investment in Wayne County. The county’s consolidated EDIT fund comes from funding provided by partnering towns in Wayne County who have agreed to provide half of their EDIT proceeds yearly for county-wide economic development. Partners in county-wide economic development currently include the towns of Cambridge City, Centerville, East Germantown/Pershing, Milton, Mt. Auburn, Richmond, Whitewater and Wayne County.