The Indiana State Budget Agency reported Sept. 7 that the state’s general fund revenues totaled $1.06 billion for August, down $19.6 million or 1.8 percent below estimates from a revised revenue forecast in December, but $39 million or 3.8 percent more than revenues collected in August 2017.
Sales tax collections totaled $661.2 million for August, which is $7.4 million or 1.1 percent above the monthly estimate and $31.8 million or 5 percent higher than revenues for August 2017.
Individual income tax collections totaled $358.5 million for August, which is $33.9 million or 8.6 percent below the monthly estimate and $4.5 million or 1.2 percent below revenue in August 2017. The state said while August’s results were impacted by lower than expected non-resident partnership withholdings, individual income tax collections are at the year-to-date estimate.
Corporate tax collections totaled negative $18.8 million for August, which is $1.5 million or 9.0 percent below the monthly estimate but $7.7 million or 29.2 percent above revenue in August 2017.
Riverboat wagering collections totaled $10.7 million for August, which is $10.1 million or 1,724.3 percent above the monthly estimate and $10 million or 1,452.8 above revenue in August 2017.
Racino wagering collections totaled $8.5 million for August, which is $2.4 million or 22.4 percent below the monthly estimate and $3 million or 26.4 percent below revenue in August 2017.
The state said year-to-date general Fund collections totaled $2.2 billion, which is $8.1 million or 0.4 percent below the December 2017 revised revenue forecast but $58.6 million or 2.7 percent above collections through the same period in the prior fiscal year.
The state saw revenues increase in July.
Year-to-date sales tax collections totaled $1.3 billion, which is $3.8 million or 0.3 above the December 2017 revised revenue forecast and $57 million or 4.4 percent above collections through the same period in the prior fiscal year.
Year-to-date individual income tax collections totaled $799.7 million, which is $0.6 million or 0.1 percent below December 2017 revised revenue forecast but $8.2 million or 1 percent above collections through the same period in the prior fiscal year.
