State revenues again beat projections
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Indiana’s revenue collections for November once again beat the most recent estimates. The Indiana State Budget Agency says General Fund revenues last month totaled nearly $1.4 billion, which was 6.3% above the December 2021 forecast and 0.2% higher than the same month last year.
The agency says better-than-expected collections from sales tax and individual income tax, as well as interest revenues drove last month’s performance.
Corporate tax collections totaled $32.7 million for November, more than 21% below estimates. However, Riverboat and racino wagering collections both exceeded expectations.
Year-to-date, General Fund revenues totaled $7.9 billion, which is about $383 million above the December forecast and 7.9% higher than the same period in the previous fiscal year.
The December 2022 revenue forecast is expected in about a week.
You can connect to the full November revenue report by clicking here.