State revenues in February were $134 million above the most recent forecast. The Indiana State Budget Agency says last month’s total of $798 million is more than 11 percent higher than the same month in 2016.
The General Fund revenue totals exceeded estimates by 20.2 percent. Year-to-date collections stand at $9.4 billion, which is nearly $169 million above the December 2016 revenue forecast and $297 million higher than the same period the previous year.
Individual income tax collections were 250 percent above the monthly estimate. The State Budget Agency says the forecast underestimated target due to the fact that February followed a month that did not have a 5th Friday payroll, unlike 2016.
Sales tax collections, corporate tax collections, riverboat wagering collections and racino wagering collections were all above the monthly estimate last month. You can connect to more about the February report by clicking here.