State revenue exceeds projections
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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.
