State revenues fall short of revised projections
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For the first time in five months, Indiana’s revenue collections fell short of the most recent projections. The Indiana State Budget Agency said Friday that General Fund revenues in April totaled $3 billion, which was $51.1 million lower than the revised April 2025 forecast, or 1.7%.
However, last month’s collections were 10.1% higher than the same month in 2024.
The agency noted that higher-than-expected collections from individual income tax and insurance revenues outweighed lower-than-expected revenues from sales tax and corporate income tax collections.
Riverboat wagering collections also fell below the most recent estimates for April, while racino wagering collections exceeded projections.
Year-to-date, General Fund revenues have totaled $17.9 billion, which is $51.2 million below the April 2025 forecast and 2.4% higher than the same period on the previous fiscal year.
You can connect to the full April 2025 revenue report by clicking here.
Last month, an updated revenue forecast presented to the State Budget Committee projected $2 billion less than what was expected for the new biennial budget. The Indiana General Assembly ultimately passed a pared-down $46.2 billion state budget bill.