Indiana surpassed last October’s revenue by more than $30 million, according to Indiana’s monthly revenue report for the month of October released last week.
State general fund revenues i n October of this year were $1.4 million more than the estimates from December 2013, according to a press release from the Indiana State Budget Agency.
The general fund received $45.5 million more in revenue last month compared to numbers for October 2013.
Sales tax collections and individual income tax also surpassed totals from last October, earning $609.3 million and $370.9 million, respectively.
Corporate income tax collections for October were less than the totals from last year, bringing in $25.9 million, which is $21.1 million less than the revenue in October 2013.
For the first four months of the 2015 fiscal year, the state’s general fund revenues were $37.3 million less than the December 2013 forecast.
However, that total is still $80.8 million more than collections from the first four months of the 2014 fiscal year.
Revenue from individual income tax collections follows the same pattern.
In the first four months of the fiscal year, those collections have grown by $86.6 million, compared to that time period last year but are still $57.8 million less than the estimate year-to-date.
Corporate tax collections, however, have declined and are currently sitting at $31 million less than collections from the same date period a year ago but overall, they are $4.2 million more than the year-to-date estimate.
Holly Hays
