State Revenues Miss Target

Indiana revenues in November were nearly $48 million below the latest forecast, but more than $116 million above the same month the previous year. The Indiana State Budget Agency says collections for the first five months of fiscal 2015 are slightly below projections.

The monthly revenue report for November 2014 state tax collections was released today. Charts visualizing November 2014 data (year-over-year growth and comparisons to monthly estimates) also are located on the Management and Performance Hub website under the State Tax Revenue section: http://www.in.gov/mph/staterevenue.html.

Results

State general fund revenues for November were $1,024.7 million, which is $47.8 million (4.5%) below the estimate based on the December 20, 2013 forecast and $116.6 million (12.8%) above revenue in November 2013.

Sales tax collections were $582.9 million for November, which is $6.2 million (1.1%) above the estimate for the month and $37.2 million (6.8%) above revenue in November 2013.

Individual income tax collections totaled $386.5 million for the month, which is $42.6 million (9.9%) below the estimate for the month but $82.1 million (27.0%) above revenue in November 2013. A month following a month with five Fridays historically results in greater individual income tax collections. Compared to November 2013 (a month that followed a month with four Fridays), November 2014 (a month that followed a month with five Fridays) resulted in year-over-year growth of 27%, or $82.1 million.

Commentary

For the first five months of fiscal year 2015, total state general fund revenues were $85.1 million (1.5%) below the December 20, 2013 forecast but $197.4 million (3.6%) above collections in the first five months of fiscal year 2014.

Sales tax collections through five months of fiscal year 2015 were $40.9 million (1.4%) above estimate and $169 million (5.9%) above collections through five months of fiscal year 2014.

Individual income tax collections through five months of fiscal year 2015 have grown by $168.7 million (9.3%) over the same period a year ago but were $100.4 million (4.8%) below estimate year to date.

Corporate tax collections through five months of fiscal year 2015 were $22.7 million (8.0%) below collections the same period a year ago but were $8.0 million (3.2%) above estimate year to date.

Source: Indiana State Budget Agency