INDIANAPOLIS | Indiana remains on track to end its 2013 budget year on June 30 with a surplus, but if February's lackluster state revenue continues into subsequent months it won't be much of one.
Last month, state revenue totaled $701 million. That's $21.6 million, or 3 percent, less than expected, and even $1.7 million less than Indiana took in in February 2012.
State Budget Director Christopher Atkins attributed the revenue drop to an "unusually large" number of corporate income tax refunds paid in February. The state returned $70.9 million more to corporations than it took in last month.
Indiana's greatest revenue source, the 7 percent sales tax, came in nearly on target at $525.8 million last month, which is 5.5 percent above the Feb. 2012 result.
Individual income tax revenue totaled $155.3 million last month, $34.3 million above the revenue forecast and a 13.1 percent increase compared with last February.
Through the first eight months of its budget year, Indiana revenue is $154.4 million, or 1.8 percent, above the December 2012 revised revenue forecast.
However, state revenue is only $11.6 million ahead of the revenue forecast used by the Legislature in April 2011 to craft Indiana's 2012-13 spending plan.