State Revenue Outpacing Last Year
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe 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.
You can connect to the full commentary from State Budget Director Brian Bailey by clicking here and charts by clicking here.