Indiana revenue exceeded the most recent projections in February. The Indiana State Budget Agency says General Fund revenues totaled more than $922 million last month, 2.4% higher than the December revenue forecast and 17.3% higher than the same month last year.
Sales tax collections and riverboat wagering collections were both above the monthly estimate in February. However, individual income tax collections, corporate tax collections, and racino wagering collections fell below expectations.
The agency says withholding tax collections were in line with the monthly estimate due to February having five Fridays. However, those collections were offset by other forms of individual income collections, which were below estimates.
“Overall, higher than expected monthly collections from sales and use, corporate and gaming taxes combined to drive General Fund revenues above current year
estimates and prior year actuals both on a monthly and fiscal year-to-date basis,” the agency said. “Significant monthly fluctuations are expected and revenues are better interpreted within the context of the longer term trend for fiscal year 2020 as April and June are by far the months with the most revenue activity.”
Year-to-date, the state has collected more than $10 billion, which is 1% higher than the revenue forecast and 5.1% higher than collections through the same period in the previous fiscal year.
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