Indiana revenue exceeded the most recent projections in March. The Indiana State Budget Agency says General Fund revenues totaled more than $1.1 billion last month, nearly 4 percent higher than the December revenue forecast and nearly 11 percent higher than the same month last year.
Individual income tax collections and corporate tax collections were both above the monthly estimate. However, sales tax collections, riverboat wagering collections and racino wagering collections all fell below estimates.
"Overall, for the month of March, higher than expected collections from individual income taxes, corporate taxes and interest outweighed lower than expected collections in sales and use taxes," the agency said. "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 nearly $11 billion, which is only one-tenth of a percent higher than the revenue forecast and nearly 4 percent above collections through the same period in the previous fiscal year.
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