State revenue falls short of projections again
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Indiana’s revenue collections fell below estimates for the second consecutive month in November. The Indiana State Budget Agency said Friday that General Fund revenues last month totaled nearly $1.4 billion, which was 3.2% lower than the April 2023 forecast but 1.2% higher than the same month last year.
The agency noted that lower-than-expected collections from sales tax and corporate income tax outweighed higher-than-expected collections from interest.
Individual income tax collections totaled $446 million last month, which is $2.6 million above projections but $5.4 million below November 2022. Sales tax collections were 5.3% below the monthly estimate.
Corporate tax collections also fell short of projections, but racino wagering collections and riverboat wagering collections were both above the April 2023 estimate.
Year-to-date, General Fund revenues total just under $8 billion, which is $115 million below the April forecast but 0.1% higher than the same period last year.
You can connect to the full November 2023 revenue report by clicking here.