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

Indiana budget picture improved modestly in September

October 5, 2011

Indiana's budget picture continued improving last month as the state collected $31 million more in taxes than planned.

Total revenue collections were $1,326 million, $31 million more than projected by the revenue forecast updated on April 15.

State Budget Director Adam Horst said Wednesday the state's improved tax haul is due largely to improved sales-tax and corporate-income tax collections.

Sales-tax collections totaled $554 million for the month, $42 million above collections for the same period last year. Individual income-tax collections totaled $447 million for the month, $55 millionabove collections for the same period last year. Payroll withholdings increased 5.2 percent compared to the same period last year.

The official revenue forecast will be updated in December, but Horst cautioned that current economic forecasts for the national economy are more pessimistic than those used for the April projections.

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