State revenues continue to fall short of estimates
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For the fourth consecutive month, Indiana took in less revenue than projected. The Indiana State Budget Agency said Friday that General Fund revenues in November totaled nearly $1.4 billion, which was $6.3 million short of the December 2023 forecast, or about 0.5%.
That’s compared to October, when collections were 5.7% lower than projections.
The agency noted that lower-than-expected collections from income taxes and sales tax outweighed higher-than-expected collections from interest revenues.
Only riverboat wagering collections surpassed projections, totaling $18.3 million for November, which was 24.7% higher than the monthly estimate. Sales tax, individual income tax, corporate tax, and racino wagering collections all fell short of estimates.
Year-to-date, General Fund revenues have totaled $7.7 billion, which is nearly $250 million below the December 2023 forecast and 2.4% lower than the same period in the previous fiscal year.
Indiana’s fiscal year begins in July.
You can connect to the full November 2024 revenue report by clicking here.