State revenue falls below estimates

INDIANAPOLIS (Inside INdiana Business) — Indiana revenue fell short of the most recent projections in September. The Indiana State Budget Agency says General Fund revenues totaled more than $1.6 billion last month, 1% lower than the December revenue forecast and 5.2% lower than the same month last year.

“Overall, monthly collections for the period of July through September were atypically impacted by deferred and late payments initially attributable to FY 2020 and may have been influenced by unusual factors including the phased reopening of the economy in June as well as recent changes in federal policy actions on unemployment insurance benefits, economic impact payments, interest rates and more,” the agency said.

Sales tax collections and corporate tax collections were both above the December forecast, while individual income tax collections, riverboat wagering collections and racino wagering collections all fell short of estimates.

The agency says going into the rest of the fiscal year, “significant fluctuations are expected and deviations from monthly estimates are likely as the rapidly changing economic outlook and federal policy actions will most likely impact monthly collections.”

You can connect to the monthly revenue report by clicking here.