State Revenues Miss Monthly Target

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State revenues in March were more than $18 million below the most recent forecast, but more than $10 million higher than the same month last year. The Indiana State Budget Agency says total revenues for the first three quarters of fiscal year 2015 are more than $100 million lower than the December estimate.

Indianapolis, Ind. — The monthly revenue report for March, along with commentary from Budget Director Brian Bailey, has been posted on the State Budget Agency webpage. The report can be found here: http://www.in.gov/sba/2631.htm. Data on March revenues can also be found on the MPH website here: http://in.gov/mph/staterevenue.html.

Results include:

–State general fund revenues for March were $1,037.2 million, which is $18.1 million (1.7%) below the estimate based on the December 18, 2014 revised forecast and $10.7 million (1.0%) above revenue in March 2014.

–Sales tax collections were $530.6 million for March, which is $33.7 million (6.0%) below the monthly estimate and $9.0 million (1.7%) above revenue in March 2014.

–Individual income tax collections totaled $333.6 million for the month, which is $1.5 million (0.5%) above the revised monthly estimate and $3.1 million (0.9%) above revenue in March 2014.

–Corporate tax collections were $90.2 million for the month, which is $28.8 million (46.9%) above the revised monthly estimate.

–Riverboat wagering collections were $38.3 million for March, which is $2.6 million (6.4%) below the revised monthly estimate.

–Racino wagering collections totaled $11.0 million for the month, which is $0.5 million (4.7%) below the revised monthly estimate.

Commentary

Over the first three quarters of fiscal year 2015, total state general fund revenues were $10,074.6 million, which is $109.2 million (1.1%) below the estimates based on the December 18, 2014 forecast but $278.5 million (2.8%) above collections over the same period a year ago.

Sales tax collections through the first three quarters of fiscal year 2015 were $2.8 million (0.1%) below the revised estimate but $281.4 million (5.5%) above collections through the same period a year ago.

Individual income tax collections through the first three quarters of fiscal year 2015 have grown by $130.3 million (4.0%) the same period a year ago but were $130.1 million (3.7%) below the revised estimate year to date.

Corporate tax collections through the first three quarters of fiscal year 2015 were $6.4 million (1.2%) below collections the same period a year ago but were $36.6 million (7.4%) above the revised estimate year to date.

Source: Indiana State Budget Agency