State revenues in November were $4.3 million above the most recent forecast. The Indiana State Budget Agency says, despite outpacing projections, last month’s total of $998 million is more than 5 percent lower than the same month last year.
The General Fund revenue totals exceeded estimates by 0.4 percent. Year-to-date, collections stand at more than $5.7 billion, which is about $71.4 million below the December forecast, but $136 million higher than November of last year.
Individual income tax collections were nearly 9 percent above expectations, but nearly 13 percent below the same month last year. The budget agency says the dip is due to the extra Friday of processing in November 2015 versus last month.
Riverboat wagering collections and racino wagering collections were both above expectations, however sales tax collections and corporate tax collections missed projections.
You can connect to more about the November report by clicking here.