State officials’ projections of nearly a year ago of what general fund revenues should have totaled in November 2020 hit their mark.
The State Budget Agency reported Indiana’s general fund revenues for November totaled $1,233.1 million, which was the number projected in December 2019. Revenues for the month also were $112.8 million or 10.1% above revenue in November 2019.
The state said there were better-than-expected collections from sales tax and corporate adjusted gross income tax, but those numbers were offset by lower-than-expected collections in individual income tax, gaming, interest, insurance, and miscellaneous revenues.
Year-to-date sales tax collections totaled $3,641.8 million, which is $131 million or 3.7% above the December 2019 revenue forecast and $230.0 million or 6.7% above collections through the same period in the prior fiscal year.
The state said overall, monthly tax collections between July and November were atypically impacted by deferred and late payments initially attributable to its 2020 fiscal year 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, and interest rates.
The state said most of its general fund revenues are collected between December and June.
The state expects revenue fluctuations to continue because of economic uncertainties created by the pandemic.
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