State revenues beat updated estimates
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Indiana’s revenue collections outpaced projections in December. The Indiana State Budget Agency said Friday that General Fund revenues last month totaled just under $2 billion, which was 13.3% higher than the updated December 2023 forecast and 16.7% higher than the same month last year.
The agency noted that collections from individual taxes came in above the monthly estimate due to “unusual timing factors that are currently expected to normalize near the fiscal year forecast over the coming months.”
Individual income tax collections totaled $768 million last month, which was $232 million above projections and $228 million above December 2022. Sales tax collections were 0.3% below the monthly estimate.
Corporate tax collections and racino wagering collections also fell short of projections, while riverboat wagering collections were above the December 2023 estimate.
Year-to-date, General Fund revenues totaled $9.9 billion, which is $246 million above the December forecast and 3% higher than the same period the previous fiscal year.
You can connect to the full December 2023 revenue report by clicking here.