(Inside Indiana Business) The State Budget Agency says September revenue totals exceeded the most recent projections by nearly $135 million. General Fund revenues totaled more than $1.6 billion, which 13.5 percent higher than the same period last year, however, the agency notes several non-recurring factors contributed to last month’s totals.
Some of the factors mentioned by the agency include the fact that September had five Fridays, as well as the timing of estimated tax payments, non-resident partnership withholdings, and corporate refunds.
Sales tax collections, corporate tax collections, individual income tax collections, riverboat wagering collections, and racino wagering collections were all above the most recent revenue forecast in December 2017.
Year-to-date General Fund collections totaled more than $3.8 billion through September, which is nearly $127 million above projections and 7 percent higher than the same period last year.
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