State Revenue Narrowly Misses Target

Many committees will begin meeting this month.

State revenues in January were $500,000 below the most recent forecast. However, the Indiana State Budget Agency says last month’s total of $1.5 billion is more than 4 percent higher than the same month in 2016.

The General Fund revenue totals missed estimates by 0.03 percent. Year-to-date collections stand at nearly $8.6 billion, which is $34.6 million above the December 2016 revenue forecast $218 million higher than the same period the previous year.

"This report shows our state’s revenue outlook is in line with expectations, which is good news for Indiana lawmakers as they work through this budget session of the Indiana General Assembly," said Governor Eric Holcomb.

Individual income tax collections were 2.8 percent below the monthly estimate, but 8.6 percent higher than the same month last year. Racino wagering collections were also below the monthly estimate. Sales tax collections, corporate tax collections and riverboat wagering collections were all above monthly estimates.

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