State revenues lower than estimates in February
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Indiana’s revenue collections fell short of projections in February. The Indiana State Budget Agency said Friday that General Fund revenues last month totaled $1.1 billion, which was 3.7% lower than the December 2023 forecast and 9.1% lower than the same month last year.
The numbers follow two consecutive months where revenue totals beat state estimates.
The agency attributed the results to lower-than-expected collections from sales tax and individual income tax, which outweighed higher-than-expected collections from interest.
Sales tax collections totaled nearly $780 million last month, which was $45.6 million below projections and $32.5 million below February 2023. Individual income tax collections 7.4% below the monthly estimate at $201 million.
Corporate tax collections were above the December 2023 forecast, while riverboat wagering and racino wagering collections also fell short of estimates.
Year-to-date, General Fund revenues totaled $13.2 billion, which is $394 million above the December 2023 forecast and 3.8% higher than the same period in the previous fiscal year.
You can connect to the full February 2024 revenue report by clicking here.