July Tax Collections Miss Estimates

The state is reporting $1.84 billion in general fund collections for April.

The Indiana State Budget Agency says revenue collections for July were slightly below the latest estimate, but more than two percent higher than the same month last year. Last month, Indiana State Auditor Suzanne Crouch said the state closed Fiscal Year 2016 with a structural surplus of more than $50 million and the highest level of reserves in state history.

The agency says general fund revenues for July totaled about $1.06 billion, which is $7 million below estimate, but nearly $24 million above revenue in July 2015. The state says sales tax, corporate tax and racino wagering collections were below the monthly estimate, while individual income tax and riverboat wagering collections were above the latest projections.

In her wrap-up of Fiscal Year in 2016, Crouch’s office said lower collections were largely offset by low gas prices. The state ended the fiscal year with reserves of more than $2.24 billion.

You can see the full July 2016 revenue report by clicking here.