State revenues outpace projections in December
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Indiana’s revenue collections last month exceeded the most recent projections. The Indiana State Budget Agency said Friday that General Fund revenues in December totaled nearly $2.2 billion, which was $17 million higher than the December 2024 forecast, or about 0.8%.
That’s compared to November, when collections were 0.5% lower than estimates. Last month’s total broke a four-month streak of the state’s revenue falling short of projections.
The agency noted that higher-than-expected collections from individual income taxes, interest and insurance revenues outweighed lower-than-expected collections from sales tax and corporate income taxes.
Riverboat wagering collections also surpassed projections, totaling $24.3 million for December, which was 2.9% higher than the monthly estimate. However, racino wagering collections fell short of estimates.
Year-to-date, General Fund revenues have totaled $9.9 billion, which is $16.8 million above the December 2024 forecast and 0.1% higher than the same period in the previous fiscal year.
You can connect to the full December 2024 revenue report by clicking here.