State Revenue Narrowly Beats Projections

Many committees will begin meeting this month.

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State revenues in March were $200,000 above the most recent forecast. The Indiana State Budget Agency says last month’s total of nearly $1.1 billion is nearly 2 percent higher than the same month in 2016.

The General Fund revenue totals exceeded estimates by .02 percent. Year-to-date collections stand at $10.4 billion, which is more than $169 million above the December 2016 revenue forecast and $317 million higher than the same period the previous year.

Riverboat wagering and racino wagering collections were 24.5 percent and 17.9 percent above the monthly average, respectively. The State Budget Agency says collections were higher due to an additional Wednesday in March. Collections are expected to be closer to the year-to-date forecast in April.

Individual income tax collections were nearly 9 percent below estimates in March, while sales tax collections and corporate tax collections were both above the monthly estimate.

You can connect to more about the March report by clicking here.