State revenue in November beat expectations for the third straight month, pushing Indiana's surplus to $80 million for the 2013 budget year that began in July.
Indiana tax revenue last month totaled $941.4 million. That's $4.5 million more than predicted by the state's revenue forecast and an improvement of 0.3 percent compared with November 2011.
Sales taxes, the state's largest revenue source, brought in $539.7 million. Individual income taxes contributed $315.6 million. Both sales and income tax revenue grew in November compared with last year.
Revenue from taxes on bets placed at riverboat casinos, including the five boats in Northwest Indiana, is up 0.4 percent compared with last year. November riverboat wagering taxes totaled $37.3 million, or $4.1 million more than forecast.
In addition to the $80 million in greater-than-expected revenue through the first five months of the budget year, the State Budget Agency projects Indiana will spend $425 million less than it takes in between July 2012 and June 2013.
At that rate, the state's reserves will top $2 billion at the end of the budget year in June, which could trigger another automatic taxpayer refund similar to the $111 credit Hoosiers will receive on their 2012 income taxes next year.
The initial revenue forecast for the 2014-15 budget period is set for release Dec. 17.
