From the Northwest Indiana Times:
Indiana's 2013 budget year got off to a fast start last month, with state revenue beating expectations by 4.1 percent and coming in 10 percent higher than last July.
Overall, Indiana took in $1.11 billion in the first month of its budget year. The revenue forecast used by lawmakers to set state spending anticipated $1.07 billion, a surplus of $43.5 million.
Despite predictions of a slowdown in the national economy, Indiana's $577.9 million in July sales tax revenue was $19.3 million, or 3.4 percent, greater than last July. However, sales tax revenue last month was $2.8 million below revenue forecast expectations.
A calendar quirk produced an extra July payday for many Hoosier workers which helped push individual income tax revenue to $388.4 million last month. That's $83.4 million, or 27.3 percent, more than last July and $28.7 million more than the revenue forecast.
State Budget Director Adam Horst said August individual income tax revenue will be reduced due to the extra taxes withheld from most workers in July.
Corporate income tax revenue for July totaled $36.1 million. That was $11.7 million more than anticipated by the revenue forecast.
Taxes paid last month on bets at riverboat casinos soared compared to a dismal prior year. Riverboat wagering taxes totaled $2.2 million last month, a 60.2 percent increase over the same month one year ago. But the revenue forecast anticipated $3.7 million, a 41 percent shortfall.
Riverboat admission taxes were down $100,000, or 2.2 percent, compared to last July.
The state's overall financial outlook remains positive after Indiana ended the 2012 budget year in June with $2.15 billion in reserve.
Hoosiers filing their income taxes next year will receive slightly more than $100 off their tax liability thanks to an automatic taxpayer refund law that requires tax dollars be returned to taxpayers once a certain reserve threshold is crossed.
http://www.nwitimes.com/business/local/indiana-starts-budget-year-strong/article_c8d7aef0-5022-58c2-ad4d-cdd38fc823a0.html
