State revenue exceeds projections
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
After falling short in April, Indiana’s revenue collections outpaced projections in May. The Indiana State Budget Agency said General Fund revenues last month totaled $1.5 billion, which was 0.9% above the April 2023 forecast but 11% lower than the same month last year.
The agency said better-than-expected collections from corporate adjusted gross income tax, gaming taxes and interest outweighed lower-than-expected collections from sales tax and individual income tax.
Sales tax collections totaled nearly $854 million last month, more than $19 million below projections, but $6.8 million higher than May 2022. Individual income tax collections were 3.4% lower than the monthly estimate.
Year-to-date, General Fund revenues totaled $18.7 billion, which is $15.6 million above the April forecast and $3.6 million higher than the same period in the previous fiscal year.
You can connect to the full May 2023 revenue report by clicking here.