Indiana’s revenue total exceeded the most recent projections for the month of April. The Indiana State Budget Agency says General Fund revenues totaled more than $2.2 billion last month, which was 4.3% higher than the revenue forecast and more than 80% higher than the same month last year.
Sales tax, individual income tax, corporate tax, racino wagering and riverboat wagering collections were all above the monthly estimate, which was updated on April 15.
The agency says year-over-year comparisons are impacted by the different economic developments associated with the beginning of the pandemic last year. The different tax payment schedules for both 2020 and 2021 also played a factor.
“Overall, significant fluctuations are expected and large differences relative to prior year actuals are likely as the rapidly changing economic outlook and recent federal policy actions will most likely impact monthly collections,” the agency said.
Year-to-date, General Fund revenues are nearly $100 million above the April 2021 forecast, and nearly 20% higher than the amount collected during the same time period last year.
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