State Revenue Hits Expectations

(photo courtesy of Dan McGowan)

Indiana revenue met the most recent projections in November. The Indiana State Budget Agency says General Fund revenues totaled more than $1.2 billion last month, which matched the December 2019 revenue forecast, but was more than 10% higher than the same month last year.

“As most of the General Fund revenues come in between December and June, trends between revenue actuals and estimates will be better interpreted in the coming months within the context of the longer trend for FY 2021,” the agency said. “Going into the rest of the fiscal year, significant fluctuations are expected and deviations from monthly estimates are likely as the rapidly changing economic outlook and federal policy actions will most likely impact monthly collections.”

Sales tax collections and corporate tax collections were both above the December forecast, while individual income tax collections, riverboat wagering collections, and racino wagering collections all fell short of estimates.

Year-to-date, General Fund revenues are more than $901 million above the December 2019 forecast. However, the State Budget Agency estimates about $900 million received in the current fiscal year were originally due in the previous fiscal year but were deferred because of the delayed tax filing date.

The next revenue forecast is slated to be released later this month.

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