State Revenue Misses Forecast by $43 Million in March
State revenue in March missed the most recent forecast by nearly $43 million. The Indiana State Budget Agency says last month’s total of just over $1 billion is also nearly $22 million below the same month in 2017. However, the state says the monthly estimate for March was affected by having fewer processing days. The General Fund revenue totals fell below projections by 4 percent. The state says revenue not processed in March will carry over into April. The estimates are based on the revenue forecast, which was most recently adjusted in December. The SBA says sales tax, corporate tax, riverboat wagering and racino wagering collections were all below projections. Only individual income tax collections rose in March, totaling $358 million for the month, more than 8 percent above the monthly estimate. Year-to-date General Fund collections totaled $10.6 billion, which is 0.7 percent above the latest forecast.
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