State Revenue Misses Target Again
Indiana revenue fell short of the most recent projections for the second consecutive month. The Indiana State Budget Agency says General Fund revenues totaled more than $786 million in February, 2.3 percent below the December revenue forecast and more than 3 percent lower than the same month last year.
Sales tax collections, individual income tax collections, and riverboat wagering collections were all below the monthly estimate. However, corporate tax collections and racino wagering collections were both above projections.
"Overall, for the month of February, the combination of higher corporate tax refunds and lower than expected collections from sales and use taxes and individual income taxes weighed on net General Fund revenues," the agency says. "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 more than $9.8 billion, which is only three-tenths of a percent below the revenue forecast and 3 percent higher than totals through the same period in the previous fiscal year. The revenue forecast was most recently revised in December.
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