State Revenue Hits Projections

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Indiana revenue in December nearly matched projections, but fell short of December 2019 levels, according to the latest data from the Indiana State Budget Agency.

The state says General fund revenues last month measured $1.4 billion, 0.3% above estimates based on the December 16 revenue forecast. But they were 4.8% below revenue a year earlier.

Sales tax collections, corporate tax collections and individual income tax collections were above the monthly estimate.

However, riverboat wagering and racino wagering collections fell short of estimates.

The budget agency says going into the rest of the fiscal year, “significant fluctuations are expected and deviations from monthly estimates are likely” as the rapidly changing economic outlook and federal policy actions will most likely impact monthly collections.

Fiscal year 2021 ends on June 30. You can connect to the monthly revenue report by clicking here.