State Revenue Beats New Projections

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INDIANAPOLIS -

Indiana revenue for December exceeded the revised revenue projections. The Indiana State Budget Agency says General Fund revenues totaled $1.5 billion last month, about 1 percent higher than the most recent revenue forecast, and 11 percent higher than December 2017.

Sales tax collections, corporate tax collections, and racino wagering collections were all above the monthly estimate. However, individual income tax collections and riverboat wagering collections each fell below expectations. 

"Overall, for the month of December, higher than expected collections from sales and use taxes and corporate taxes slightly outweighed lower than expected collections from individual income taxes," the agency said in a news release. "Significant monthly fluctuations are expected, particularly for months of lower relative payment activity, and revenues are better interpreted within the context of the longer term trend for fiscal year 2019."

Year-to-date, the state has collected more than $7.5 billion, which is less than 1 percent above the most recent forecast and 6 percent higher than totals through the same period in the previous fiscal year. 

You can connect to the monthly revenue report by clicking here.

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