General fund revenues for September totaled $1,709.7 million, which is $91.1 million or 5.6% above revised revenue forecasts from April and $101.9 million or 6.3% above revenue when compared to September 2018.
The Indiana State Budget Agency reported higher than expected collections from sales and use, individual income and corporate taxes and other revenues including insurance and interest revenues combined to drive general fund revenues above current year estimates and prior year actuals both on a monthly and fiscal year-to-date basis.
While September is a high revenue activity month, most of the revenue collections are projected to come in between December and June, the state said.
The state said monthly revenue estimates are based on an April revised revenue forecast and do not include the estimated impact of legislative actions taken by the General Assembly during the 2019 legislative session.
Sales tax collections totaled $710.6 million for September, which is $33.9 million or 5.0% above the monthly estimate and $52.7 million or 8% above revenue in September 2018.
The state said gasoline use tax collections came in slightly below estimate, but all other sales tax collections came in significantly above prior year and above monthly estimate. Some of the factors potentially affecting monthly variances include remote sales tax payments and timing delays between tax due dates and payments.
The state said it’s still too early to determine whether the taxes collected from remote sales or through online transactions are having an effect on revenues.
Individual income tax collections totaled $683.7 million for September, which is $40.7 million or 6.3% above the monthly estimate and $55.2 million or 8.8% above the monthly estimate and $55.2 million or 8.8% above revenue in September 2018.
Corporate tax collections totaled $186.8 million for September, which is $0.9 million or 0.5% above the monthly estimate but $17.2 million or 8.4% below revenue in September 2018.
Riverboat wagering collections totaled $20.8 million for September, which is $2.2 million or 11.7% above the monthly estimate and $0.8 million or 4.2% above revenue in September 2018.
Racino wagering collections totaled $9.3 million for September, which is $1.1 million or 14% above the monthly estimate and $0.2 million or 2.6% above revenue in September 2018.
Year-to-date general fund collections totaled $3,952.9 million, which is $151.7 million or 4.0% above the revised April revenue forecast and $113.2 million or 2.9% above collections through the same period in the prior fiscal year, the state said.