State revenue beats estimates for August

INDIANAPOLIS (Inside INdiana Business) — Indiana revenue beat the most recent projections for the month of August. The Indiana State Budget Agency says General Fund revenues totaled nearly $1.4 billion last month, which was 8.1% higher than the April 2021 revenue forecast and more than 1% higher than the same month last year.

The agency says the results were “better than expected” and driven by sales tax collections, corporate tax collections, and individual income tax collections, all of which were above estimates, along with riverboat and racino wagering collections.

Year-to-date, General Fund revenues are nearly $170 million above the April 2021 forecast, but nearly 20% lower than the amount collected during the same time period in the previous fiscal year.

You can connect to the August revenue report by clicking here.