State Revenue Beats Projections Again
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Indiana continues to beat the most recent revenue projections. The Indiana State Budget Agency says General Fund revenues for March totaled more than $1.4 billion, which was 13% higher than the December 2021 forecast and 26% higher than the same month last year.
In its commentary, the agency said “notably, better than expected collections from sales, individual income, corporate, and gaming taxes, as well as miscellaneous revenues came in above monthly estimates and are driving this month’s better than expected performance.”
Year-to-date, General Fund revenues are more than $368 million above the December 2021 and more than $750 million above revenues through the same period in the prior fiscal year.
The agency says the increased revenue was driven largely by better-than-expected collections from individual income taxes, corporate taxes, and gaming taxes.
You can connect to the March revenue report by clicking here.