State revenues best estimates once again
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For the fourth consecutive month, Indiana’s revenue collections have exceeded the most recent projections. The Indiana State Budget Agency said Friday that General Fund revenues in March totaled more than $1.5 billion, which was $14.4 million higher than the December 2024 forecast, or 1%.
Last month’s collections were also 1.3% higher than the same month in 2024.
The agency noted that higher-than-expected collections from individual income tax and insurance revenues outweighed lower revenues from sales tax and corporate income tax collections.
Riverboat wagering and racino wagering collections also fell below the most recent estimates for March.
Year-to-date, General Fund revenues have totaled $14.9 billion, which is $165 million above the December 2024 forecast and 1% higher than the same period in the previous fiscal year.
You can connect to the full March 2025 revenue report by clicking here.
State legislators are currently working on the biennial budget for 2025-2027. The Senate Appropriations Committee on Thursday approved House Bill 1001, which now moves to the full Senate for consideration.
The State Budget Agency is set to present an updated revenue forecast on Wednesday.