State revenues fall short of estimates in August
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Indiana’s revenue collections missed projections in August. The Indiana State Budget Agency said Friday that General Fund revenues last month totaled more than $1.4 billion, which was 1% lower than the December 2023 forecast and 3% lower than the same month last year.
The agency noted that lower-than-expected collections from individual income taxes, riverboat wagering tax and miscellaneous revenues slightly outweighed higher-than-expected collections from sales tax and interest revenue.
Sales tax collections totaled just under $890 million, which was 1.1% above the monthly estimate. However, in addition to individual income and riverboat wagering collections, corporate income tax and racino wagering tax collections also fell short of estimates.
Year-to-date, General Fund revenues have totaled just over $2.9 billion, which is $24.3 million above the December 2023 forecast and 4.1% higher than the same period in the previous fiscal year.
You can connect to the full August 2024 revenue report by clicking here.