Revenue Forecast and State Government and State Budget and Taxes and Government & Economic Development and Government

Indiana took in more revenue than expected in January

February 2, 2011

Indiana said Wednesday that it it took in $41 million more than expected in January. So far this fiscal year, collections are ahead of the state's forecast by $78 million, or 1.1 percent.

State Budget Agency Director Adam Horst said state tax collections have now increased on a year-over-year basis for 11 consecutive months. Horst said January was the first month in state history when sales tax collections exceeded $600 million in a single month.

Individual income tax collections for the month were 15 percent above the same period last year.

Exceeding predicted revenues is good news for lawmakers using those projections to create a new two-year state budget.

Revenues fell far below projections after lawmakers passed the last budget, and Gov. Mitch Daniels cut millions from state agencies, public schools and universities.

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