State Revenue Misses Target Again

Posted: Updated:
The state has collected more than $9 billion this fiscal year. The state has collected more than $9 billion this fiscal year.
INDIANAPOLIS -

Indiana revenue fell short of the most recent projections for the second consecutive month. The Indiana State Budget Agency says General Fund revenues totaled more than $786 million in February, 2.3 percent below the December revenue forecast and more than 3 percent lower than the same month last year.

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

"Overall, for the month of February, the combination of higher corporate tax refunds and lower than expected collections from sales and use taxes and individual income taxes weighed on net General Fund revenues," the agency says. "Significant monthly fluctuations are expected and revenues are better interpreted within the context of the longer term trend for fiscal year 2019 as April and June are by far the months with the most revenue activity."

Year-to-date, the state has collected more than $9.8 billion, which is only three-tenths of a percent below the revenue forecast and 3 percent higher than totals through the same period in the previous fiscal year. The revenue forecast was most recently revised in December.

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

  • Perspectives

    • 3 Tips to Attract and Retain Employees in the Gig Economy

      The gig economy has been around ever since workers began looking for supplemental income, but, it has recently evolved with the introduction of technology. Companies emerging like Uber, Lyft and GrubHub, are changing the gig economy landscape of the workforce. The gig economy has attracted millennials and Gen Zers because of the flexibility and autonomy to work from anywhere, at any time.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • (photo courtesy of Indianapolis International Airport)

      Indy Airport Showcases New Retail Offerings

      Indianapolis International Airport is celebrating the opening of the first wave of new retail offerings. The new stores are part of the airport's multi-year Concessions Refresh initiative, which aims to bring a greater mix of nationally-known brands, such as FAO Schwarz and Vineyard Vines, with more local offerings, including Natalie's Candy Jar and Fountain Square Market. In all, nine new retail stores opened Tuesday morning. In an interview with Inside INdiana Business...

    • (Image of downtown Shelbyville courtesy of Mainstreet Shelbyville Inc.)

      Shelbyville Unveils Major Downtown Redevelopment

      The city of Shelbyville is announcing what it calls a major downtown redevelopment project to boost overall quality of life. The project plans feature green spaces, increased parking, market-rate housing, and infrastructure for public entertainment and community events. 

    • The IU School of Informatics, Computing and Engineering will now be named for Fred Luddy for his $60M gift. (photo courtesy James Brosher/IU)

      $60M Gift to Fund AI Center

      An Indiana University alumnus who founded the information technology firm, ServiceNow, has given his alma mater $60 million to establish an artificial intelligence center. The university says the gift from cloud-computing pioneer Fred Luddy is the second largest in the history of the IU.

    • DePauw University ranked No. 20 on list of Best "Colleges"

      Small Indiana Colleges Rank High Nationally

      Indiana has two institutions of higher learning, with intentionally small enrollments, that rank in the top 30 in the nation for an overall experience.  The personal finance website, WalletHub, conducted a survey of what it calls the 2020 Best College Ranking. 

    • Transpo is South Bend's municipal bus system. (photo courtesy of Transpo)

      South Bend Launches Free Fare Program

      The city of South Bend has launched a new initiative to help a select number of residents who don’t have reliable and easy access to transportation get to work. The program is called Commuters Trust.