State revenues fall short of projections
For the first time since September, Indiana’s revenue collections fell below the most recent estimates. The Indiana State Budget Agency said Friday that General Fund revenues in April totaled nearly $2.9 billion, which was $3 million below the economic forecast released last month and 14% lower than the same month last year.
The agency said the figures were partially offset by corporate income taxes and gaming taxes, which were above the monthly estimates.
Sales tax collections totaled $875 million last month, nearly $28 million below projections. Individual income tax collections totaled more than $1.5 billion, which is 0.2% lower than the April estimates.
Year-to-date, General Fund revenues totaled $17.2 billion, which is $1.4 million above the April forecast and 1.1% higher than the same period last year.
The State Budget Agency released latest revenue projections on April 15, which showed the state is expected to collect more than $1.5 billion in revenue over the next two years than was predicted in the December forecast, according to our partners at the IBJ.
You can connect to the full April 2023 revenue report by clicking here.