State revenues outpace projects in May
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Indiana’s revenue collections exceeded the most recent projections last month. The Indiana State Budget Agency said Friday that General Fund revenues in May totaled $1.6 billion, which was $23.2 million higher than the April 2025 forecast, or 1.5%.
Last month’s collections were also $25.6 million higher than the same month in 2024.
The agency noted that higher-than-expected collections from sales tax and interest revenues outweighed lower-than-expected revenues from corporate income tax collections.
Individual income tax and racino wagering tax collections were also higher than the April estimate, while riverboat wagering collections fell short of projections.
Year-to-date, General Fund revenues have totaled $19.5 billion, which is just $28 million below the April 2025 forecast, but 2.4% higher than the same period in the previous fiscal year.
You can connect to the full May 2025 revenue report by clicking here.