The Indiana State Budget Agency says, despite lower than forecast collections, March revenue was slightly higher than a year earlier. The state took in just over $1 billion last month, which was $2 million higher than March of last year.
The state missed its March projection for General Fund collections by $15.5 million. The total was driven lower by individual income tax collections that came in 14 percent below the monthly estimate and $46.4 percent lower than the same month a year early. Corporate tax collections were more than $29 million higher than previously projected and at nearly $93 million, were almost three percent above March 2015 figures.
The state says it has collected more than $10.1 billion so far this fiscal year, beating estimates by $36.5 million and March 2015 collection by $36.1 million.