State revenue beats projections

INDIANAPOLIS (Inside INdiana Business) — Indiana revenue exceeded the most recent projections in October. The Indiana State Budget Agency says General Fund revenues totaled nearly $1.2 billion last month, which is 3.5% higher than the April revenue forecast and 2.6% higher than the same month last year.

Sales tax collections, individual income tax collections, corporate tax collections and racino wagering collections were all above the monthly estimate. However, riverboat wagering collections fell below estimates in October.

“Overall, higher than expected collections from sales and use, individual income and corporate taxes and other revenues such as interest and insurance revenues combined to drive General Fund revenues above current year estimates and prior year actuals both on a monthly and fiscal year-to-date basis,” the agency said. “Most of the revenue collections are projected to come in between December and June. Significant monthly fluctuations are expected and revenues are better interpreted within the context of the longer term trend for fiscal year 2020.”

Year-to-date, the state has collected more than $5 billion, which is nearly 4% higher than the revenue forecast and nearly 3% above collections through the same period in the previous fiscal year.

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