Revenues for the state of Indiana were ahead of projections in February, driven by better than expected sales tax and gaming tax collections.
The State Budget Agency reported general fund revenues for February totaled $922.6 million, which is $21.6 million or 2.4% above estimates from a December 2019 revised revenue forecast and $136.2 million or 17.3% above revenue in February 2019.
The state said higher than expected monthly collections from sales and use, corporate and gaming taxes propelled general fund revenues above current year estimates and prior year actuals both on a monthly and fiscal year-to-date basis.
Sales tax collections totaled $633.1 million for February, which is $24.6 million or 4.0% above the monthly estimate and $50.4 million or 8.6% above revenue in February 2019.
Individual income tax collections totaled $192.8 million for February, which is $16 million or 7.6% below the monthly estimate but $63.7 million or 49.4% above revenue in February 2019.
Corporate tax collections totaled negative $11.2 million for February, which is $1.7 million or 17.6% below the monthly estimate but $2.7 million or 19.6% above revenue in February 2019.
Riverboat wagering collections totaled $35.4 million for February, which is $5.2 million or 17.4% above the monthly estimate and $5.3 million or 17.7% above revenue in February 2019.
Racino wagering collections totaled $12.6 million for February, which is $500,000 or 4.2% below the monthly estimate but $1.9 million or 17.8% above revenue in February 2019.
Year-to-date general fund collections totaled $10,302.9 million, which is $103.5 million or 1% above the December 2019 revised revenue forecast and $504.6 million or 5.1% above collections through the same period in the prior fiscal year.
