State November Revenues Up From 2013 But Below Projections
November 8, 2014 — TheStatehouseFile.com
INDIANAPOLIS- Revenue figures for November released Friday show that Indiana’s general fund brought in slightly more than $1 billion in November.
Big as that number sounds, it was 4.5 percent below projections. But, the revenue total was nearly 13 percent more than what the state collected in November 2013.
Individual income tax collections totaled $386.5 million for the month – falling roughly 10 percent below the projected total from the December 2013 forecast.
One revenue category did exceed the projection. Sales tax collections totaled $582.9 million – which is just 1 percent over the estimate. The amount was also $37 million higher than the sales tax collections in November of last year.
Brian E. Bailey, director of the State Budget Agency, attributes the difference in sales tax collections to the fact that there were five Fridays this past November compared to the four in 2013.
November reflects a trend for state tax collections.
While the total state general fund revenues are 1.5 percent below projections, the $85.1 million is 3.6 percent above the general fund total during the same five month period last year.