State Revenues Exceed Expectations
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowState revenues in April were more than $168 million above the recently-revised forecast and $119 million higher than a year earlier. The Indiana State Budget Agency says total revenues for the first ten months of the fiscal year are nearly $192 million above the previous projection. May 7, 2015
News Release
INDIANAPOLIS, Ind. – The monthly revenue report for April 2015 state tax collections was released today. Charts visualizing revenue data are located on the Management and Performance Hub under the State Tax Revenue section:
http://www.in.gov/mph/staterevenue.html
Results
State general fund revenues for April were $1,906.8 million, which is $168.3 million (9.7 percent) above the estimate based on the April 16, 2015 revised forecast and $119 million (6.7 percent) above revenue in April 2014.
Sales tax collections were $598.9 million for April, which is $29.2 million (4.7 percent) below the monthly estimate and $6.9 million (1.1 percent) below revenue in April 2014.
Individual income tax collections totaled $929.6 million for the month, which is $145.8 million (18.6 percent) above the revised monthly estimate and $104.4 million (12.7 percent) above revenue in April 2014.
Corporate tax collections were $250.5 million for the month, which is $49.2 million (24.4 percent) above the revised monthly estimate.
Riverboat wagering collections were $43.3 million for April, which is $5.0 million (13.0 percent) above the revised monthly estimate.
Racino wagering collections totaled $11.9 million for the month, which is $1.2 million (11.2 percent) above the revised monthly estimate.
Commentary
Ten months into fiscal year 2015, total state general fund revenues were $11,981.3 million, which is $191.7 million (1.6 percent) above the recently revised April 16, 2015 forecast and
$397.4 million (3.4 percent) above collections over the same period a year ago. Sales tax collections through the first ten months of fiscal year 2015 were $9.4 million (0.2 percent)
below the revised estimate but $274.5 million (4.8 percent) above collections through the same period a year ago.
Individual income tax collections through the first ten months of fiscal year 2015 have grown by $234.7 million (5.7 percent) above the same period a year ago and were $123.0 million (2.9 percent) above the revised estimate year to date.
Corporate tax collections ten months into fiscal year 2015 were $21.0 million (2.8 percent) above collections the same period a year ago and were $90.9 million (13.1 percent) above the revised estimate year to date.
Source: The State of Indiana