The state of Indiana has gained a bit of revenue for January compared to the previous year, but fell short of revised estimates.
According to the monthly revenue report from the State Budget Agency, General Fund revenues were $1.3-billion in January. That’s 2.4-percentage points above revenue collected for the same period last year. Those figures are still below estimates for the 2015 fiscal year published in December.
Tax collections came in greater than this period last year, but mirrored general fund revenues by missing estimates. Sales tax collected in January came in at $683-million.
State Budget Director Brian Bailey commented on the growth of Individual income taxes for the month – which totaled $592-million. He says the growth rate of .3-percent would be larger were it not for an abnormally large collection in January of 2014.
Bailey also says revenue is up in the first seven months of fiscal year 2015 compared with the same seven month span last year.
The only items included in the report that beat estimates were Riverboat wagering, and racing collections.