Indiana Monthly Revenue Report

The monthly revenue report for May, along with commentary from State Budget Director Brian Bailey, has been posted on the State Budget Agency webpage. The report and commentary can be found here: http://www.in.gov/sba/2659.htm. Charts visualizing revenue data are located on the Management and Performance Hub under the State Tax Revenue section: http://www.in.gov/mph/staterevenue.html.

Results

·         General Fund collections for May totaled $1,121.1 million, which is $11.0 million (1.0%) below the monthly estimate but $59.7 million (5.6%) above May 2015 revenue.

·         Sales tax collections totaled $598.3 million for May, which is $9.9 million (1.6%) below the monthly estimate but $1.5 million (0.3%) above revenue in May 2015.

·         Individual income tax collections totaled $423.8 million for May, which is $6.3 million (1.5%) above the monthly estimate and $66.4 million (18.6%) above revenue in May 2015.

·         Corporate tax collections totaled $19.1 million for May, which is $7.5 million (28.2%) below the monthly estimate and $9.8 million (34.0%) below revenue in May 2015.

·         Riverboat wagering collections totaled $38.2 million for May, which is $1.9 million (4.8%) below the monthly estimate and $1.8 million (4.5%) below revenue in May 2015.

·         Racino wagering collections totaled $9.8 million for May, which is $0.2 million (2.1%) below the monthly estimate and $0.2 million (2.3%) below revenue in May 2015.

Commentary

Year-to-date General Fund collections totaled $13,072.8 million, which is $13.8 million (0.1%) below estimate, but $30.0 million (0.2%) above collections for the same period last year.

Sales tax collections through eleven months of fiscal year 2016 were $104.2 million (1.6%) below estimate but $22.8 million (0.3%) above collections through eleven months of fiscal year 2015.

Individual income tax collections through eleven months of fiscal year 2016 are $46.9 million (1.0%) above collections over the same period a year ago and were $19.7 million (0.4%) above the year-to-date estimate.

Corporate collections eleven months into fiscal year 2016 were $61.4 million (7.6%) below year-to-date collections of fiscal year 2015 but $34.9 million (4.9%) above the year-to-date estimate.