State revenues beat estimates to start fiscal year
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Indiana’s revenue collections outpaced projections in July. The Indiana State Budget Agency said Friday that General Fund revenues last month totaled just over $1.5 billion, which was 2.6% higher than the December 2023 forecast and 5.1% higher than the same month last year.
The agency noted that higher-than-expected collections from individual income tax and interest outweighed lower-than-expected collections from sales tax.
Individual income tax, corporate income tax, and riverboat wagering collections were all above projections last month. Sales tax collections, however, totaled $879 million, which was $19.5 million below projections but $1.9 million higher than July 2023.
Racino wagering collections also fell short of estimates.
You can connect to the full July 2024 revenue report by clicking here.