INDIANAPOLIS — State revenue is running ahead of expectations one-third of the way through Indiana's budget year.
Between July and October, Indiana collected $5 billion in sales, income and other taxes from Hoosiers, according to data recently released by the State Budget Agency.
That was $92.1 million, or 1.9 percent, more than anticipated by the state's revenue forecast.
State records show higher than expected sales, corporate income and gaming tax receipts largely were responsible for helping top the predicted revenue total, while personal income tax revenue over the past four months simply matched the forecast.
Indiana also saw considerable year-over-year revenue growth, despite taking in $6.2 million, or 0.5 percent, less last month compared to October 2017.
For the current budget year, total revenue was up $243.5 million, or 5.1 percent, versus the same four-month period last year.
That strong growth is likely to result next month in an optimistic revenue forecast for state lawmakers to consider as they work toward enacting a new, two-year budget during the four-month legislative session that begins in January.
A constitutional amendment ratified last week by Hoosier voters prohibits state legislators from appropriating more money than they expect to collect in tax revenue, unless two-thirds of both the House and Senate agree to waive the mandate.