Budget Agency Reports Lower-Than-Expected Revenue in August

A bill to provide additional funding for the pilot program has cleared the Senate Appropriations Committee.

The Indiana State Budget Agency says the state revenue total in August came in $18.2 million below the April forecast. Last month’s $1.02 billion figure was also more than 6 percent below August 2016.

Corporate tax collections were the biggest drag on the state’s bottom line in August, running a $26.5 million deficit, which was seven times lower than projections. The state says corporate payments "should normalize" next month, as it is a quarterly filing month. The SBA says higher refunds and fewer payments had an impact on corporate tax collections in August.

Individual income tax and racino revenues both exceeded estimates, while sales and use and riverboat revenues were below projections.

Indiana is in the second month of the fiscal year. In July, monthly revenue also missed its projection, but was higher than the total from July 2016.

You can connect to the August numbers by clicking here.