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Indiana on pace for stellar end to state's budget year
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Indiana on pace for stellar end to state's budget year

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Indiana Statehouse

The Indiana Statehouse is located in downtown Indianapolis.

Indiana is poised to end its budget year June 30 with greater than expected state revenue that could top last year's total tax collections by more than 5%.

Data released Friday by the State Budget Agency show that since July 2018, Indiana revenue is running $181.4 million, or 1.3%, above the forecast prepared for the General Assembly, thanks in part to May tax receipts besting predictions by $82.5 million, or 7.8%.

In May, both sales and income taxes exceeded expectations, with sales tax revenue coming in $20.5 million, or 3.2%, ahead of target, and personal income tax payments topping predictions by $36.7 million, or 10.9%.

On an annual basis, sales tax revenue has grown 3.7% compared to the same 11-month period in the prior budget year, and personal income tax receipts are up 2.2%.

If that trend continues over the next three weeks, Indiana likely will record full year-over-year revenue growth of some $700 million, or more than 5%.

That would be the largest annual increase since the 6.4% growth tallied 2012, when state revenue still was recovering from the downturn caused by the 2008-09 Great Recession, according to state records.

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