State revenue continues to fall short of estimates

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Indiana’s revenue collections missed projections in October. The Indiana State Budget Agency said Friday that General Fund revenues last month totaled just under $1.4 billion, which was 5.7% lower than the December 2023 forecast and 4.7% lower than the same month last year.

The agency noted that lower-than-expected collections from income taxes and sales tax outweighed higher-than-expected collections from interest revenues.

Only riverboat wagering tax collections surpassed projections, totaling $18.3 million for October, which was 24.7% higher than the monthly estimate. Sales tax, individual income tax, corporate tax, and racino wagering tax collections all fell short of estimates.

Year-to-date, General Fund revenues have totaled $6.4 billion, which is $234.4 million below the December 2023 forecast and 3.1% lower than the same period in the previous fiscal year.

You can connect to the full October 2024 revenue report by clicking here.