State revenue continues to beat projections
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndiana’s revenue collections outpaced projections in July. The Indiana State Budget Agency said General Fund revenues last month totaled $1.6 billion, which was 0.5% above the April 2023 forecast and 8% above the same month last year.
The agency noted better-than-expected collections from individual income tax and interest outweighed lower-than-expected collections from sales tax.
Sales tax collections totaled $877 million last month, nearly $28 million below projections and $7.5 million below July 2022. Individual income tax collections were 2.7% higher than the monthly estimate.
Corporate tax collections, riverboat wagering collections, and racino wagering collections were all below the April 2023 estimate.
You can connect to the full July 2023 revenue report by clicking here.