State Revenue Forecast Figures Released

The May general fund revenues for the State of Indiana are 6.7 percent below the April 2013 forecast and 1.7 percent above collections for the same period last year.

Over the past 11 months for Fiscal Year 2013, state general fund revenues have increased $290.4 million from Fiscal Year 2012.

The State Budget Agency announced that for the first time since February, sales tax collections were over target. Through May, sales tax collections have increased $154.3 million over the same 11 month period last year and are running slightly below forecast.

Individual income tax collections for May were below target by $86.8 million after exceeding the April target. Corporate income tax collections for May exceeded target by $10.7 million, or 62.6 percent. Through May, corporate income tax revenues have increased $9.2 million.