Inside INdiana Business

State revenue continues to beat estimates

The Indiana Statehouse. (IIB Photo/Alex Brown)

INDIANAPOLIS (Inside INdiana Business) — Indiana revenue exceeded the most recent projections for the month of October. The Indiana State Budget Agency says General Fund revenues totaled nearly $1.4 billion last month, which was more than 11% higher than the April 2021 revenue forecast and nearly 15% higher than the same month last year.

The agency says collections from sales tax, individual income tax, corporate adjusted gross income tax and riverboat wagering tax were the key drivers in the “better-than-expected performance.” Only racino wagering collections were lower than projections.

Year-to-date, General Fund revenues are nearly $565 million above the April 2021 forecast, but remain 3% lower than the amount collected during the same period in the previous fiscal year.

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