Indiana revenue for January fell short of expectations. The Indiana State Budget Agency says General Fund revenues totaled nearly $1.5 billion last month, 2.5 percent below the most recent revenue forecast and nearly 7 percent lower than January 2018.
Sales tax collections, corporate tax collections and individual income tax collections were all below the monthly estimate. However, racino and riverboat wagering collections were both above projections.
"Overall, for the month of January, lower than expected collections from individual income taxes weighed on net General Fund revenues as other collections came in line with estimates," the agency said in a news release. "Significant monthly fluctuations are expected 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 $9 billion, which is only a tenth of a percent below the revenue forecast, which was revised in December, and 3.6 percent higher than totals through the same period in the previous fiscal year.
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