March State Revenues Top TargetPosted: Updated:
The Indiana State Budget Agency says March revenues were $14.5 million above the latest forecast. The state says revenues for the first nine months of Fiscal Year 2014 are $75 million below target but remain above collections, compared to the same period the previous year.
April 4, 2014
Indianapolis, Ind. -- The monthly revenue report of March 2014 state tax collections was released today.
State general fund revenues for March were $14.5 million (1.4%) above the estimate based on the December 20, 2013 forecast and $106.6 million (11.6%) above collections in March 2013.
Sales tax collections were $521.6 million for March, which is $19.1 million (3.5%) below the estimate for the month.
Individual income tax collections totaled $330.5 million for the month, which is $20.2 million (6.5%) above the estimate for the month.
Corporate income tax collections were $24.7 million above estimate for March and $71.8 million (15.4%) above forecast year to date.
Riverboat wagering revenue missed the monthly estimate by $8.1 million and is $20.2 million below the forecast nine months into the fiscal year. Racino wagering revenue was $0.6 million (5.5%) below estimate for the month, and $1.9 million below forecast projections for the fiscal year.
For the first nine months of FY 2014, total general fund revenues were $75 million (0.8%) below the estimate based on the December 20, 2013 forecast and $47.3 million (0.5%) above collections for the first nine months of FY 2013.
Sales tax collections in March 2014 were $19.1 million below target but $0.1 million higher than in March 2013. March sales collections were reduced by a one-time settlement payout in excess of $14 million. There was also likely a slight, severe weather impact on March sales tax collections. When compared year over year, state general fund sales tax collections have grown by 1.3% or $65.7 million. Absent the large settlement payout and the 1% sales tax redirection to the Motor Vehicle Highway Fund, state general fund sales tax collections for the first nine months of FY 2014 would have exceeded the same period in FY 2013 by 2.6% or $131.9 million.
Individual income tax collections for March 2014 were $20.2 million above target and $91.1 million (38.1%) more than collections for March 2013. Refunds normalized in March 2014 versus February 2014, which accounts for a portion of the 38.1% year-over-year increase in individual income tax collections. In addition, withholdings year to date have grown by 4.1%. Compared to the first nine months of FY 2013, individual income tax revenue has grown by $51.2 million (1.6%).
Corporate tax collections continue to exceed expectations. Collections in March 2014 were $20.7 million (33.7%) more than in March 2013. Annual collections year to date are $71.8 million higher than the December 20, 2013 forecast projected.
Source: Indiana State Budget Agency