State Revenue Falls Short
The Indiana State Budget Agency says revenue collections for May were below the latest projections, but higher than the same month the previous year. The agency says, year-to-date, revenue is nearly in line with the most recent estimate.
The state is reporting $1.12 billion in general fund collections for May, which is 1 percent below the monthly estimate and 5.6 percent above revenue in May 2015. Sales tax, corporate tax, riverboat wagering and racino wagering collections were each below the monthly estimate. Individual income tax collections were higher than the latest projection.
The agency says year-to-date general fund collections total $13.1 billion, which is slightly below estimates, but slightly above collections for the same period the previous year. Sales tax collections for the first 11 months of fiscal year 2016 were below estimate, but individual income tax and corporate collections were above the year-to-date estimate.
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