State revenues again fall short of estimates in September
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Indiana’s revenue collections missed projections in September. The Indiana State Budget Agency said Friday that General Fund revenues last month totaled just over $2 billion, which was 8.4% lower than the December 2023 forecast and 0.5% lower than the same month last year.
The agency noted that lower-than-expected collections from income and sales taxes outweighed higher-than-expected collections from interest revenues.
Only racino wagering tax collections surpassed projections, totaling $10.2 million for September, which 0.6% higher than the monthly estimate. Sales tax, individual income tax, corporate tax, and riverboat wagering tax collections all fell short of estimates.
Year-to-date, General Fund revenues have totaled just under $5 billion, which is $159.4 million below the December 2023 forecast and 2.7% lower than the same period in the previous fiscal year.
You can connect to the full September 2024 revenue report by clicking here.