Results
State general revenues totaled $941 million, $5 million (+0.5%) above target and $2 million (+0.3%) above collections for the same period last year.
Sales tax collections totaled $540 million for the month, $4 million (+0.7%) above collections for the same period last year.
Individual income tax collections totaled $316 million for the month, $11 million (+3.5%) above collections for the same period last year. Payroll withholdings increased 4.2% compared to the same period last year.
Commentary
Through November, state general fund revenues have increased 3.3%, well ahead of the 2.2% rate needed to meet the most recent forecast. Total general fund revenues are now $80 million ahead of forecast through the first five months of the fiscal year. At the close of FY 2012, the State Budget Agency projected a structural surplus of $425 million as well as total reserves in excess of $2 billion. Revenues above the monthly targets would be in addition to these figures.
Sales tax collections increased 0.2% over the same period last year. Fiscal year-to-date sales tax revenues have grown 2.3% and are just below target (-0.9%).
Through November, individual income tax collections have increased 6.2% compared to the same five month period last year and are running $21 million ahead of target. Payroll withholdings have increased 4.3% over the same period.
Through November, corporate income tax collections have increased 9.1% compared to the same period last year and are running $72 million ahead of target.
Riverboat wagering and racino wagering taxes outperformed the monthly targets by $4 million and $2 million, respectively. Through November, riverboat wagering taxes are 3.7% ahead of target and racino wagering taxes are 16.3% ahead of target.
The state general fund revenue forecast for FY 2013 will be updated on Monday, December 17
th. This will also be the first time the committee forecasts revenues for the upcoming FY 2014 – 2015 biennium.
http://www.in.gov/sba/files/revreport_november2012_commentary.pdf
