As lawmakers, get ready to put the final touches on the state budget, Indiana’s monthly revenue collections are continuing to fall short.
According to the State Budget office, general fund revenues for March were $1,037.2 million, which is $18.1 million (1.7%) below the estimate based on the December 18, 2014 revised forecast and $10.7 million (1.0%) above revenue in March 2014.
- Sales tax collections were $530.6 million for March, which is $33.7 million (6.0%) below the monthly estimate and $9.0 million (1.7%) above revenue in March 2014.
- Individual income tax collections totaled $333.6 million for the month, which is $1.5 million (0.5%) above the revised monthly estimate and $3.1 million (0.9%) above revenue in March 2014.
- Corporate tax collections were $90.2 million for the month, which is $28.8 million (46.9%) above the revised monthly estimate.
- Riverboat wagering collections were $38.3 million for March, which is $2.6 million (6.4%) below the revised monthly estimate.
- Racino wagering collections totaled $11.0 million for the month, which is $0.5 million (4.7%) below the revised monthly estimate.
The April revenue forecast is expected to released within the next week. Lawmakers will use those numbers to draft a final budget plan.
