Close this notice
Share Your Good News With Us   Follow ValpoLife on Facebook   Follow ValpoLife on Twitter   Subscribe to ValpoLife's RSS Feed   Visit PortageLife   Visit LaPorteCountyLife   Visit NWIndianaLife

Indiana Monthly Revenue Report for March 2011

state-flag-indianaThe monthly revenue report of March 2011 state tax collections was released today.

Results

  • Total revenue collections were $977 million, $32 million above the revenue forecast recently updated in December 2010, but still $13 million below the amount assumed in the June 2009 budget as passed. Total revenue collections were $69 million above collections for the same period last year (+7.6%).
  • Sales tax collections totaled $484 million for the month, $24 million (+5.1%) above collections for the same period last year.
  • Individual income tax collections totaled $334 million for the month, $48 million (+16.9%) above collections for the same period last year. Payroll withholdings increased 9.1% compared to the same period last year.

Commentary

Through the first nine months of FY 2011, state general fund revenues are now ahead of the recently updated forecast by $115 million (+1.3%). Revenues for FY 2011 now trail the May 2009 forecast, the basis for the budget that passed, by $335 million. Revenues for FY 2010 were $879 million less than the same May 2009 forecast upon which the budget was passed.

Sales tax collections have now increased on a year over year basis for thirteen consecutive months, with gains of more than 5% for seven of the past eight months. Sales tax collections have averaged 5% year over year growth for the first nine months of FY 2011.

For the first nine months of FY 2011, individual income tax collections have increased 16% compared to prior year, with payroll withholdings averaging growth of 6.2%.

April and June represent the state’s largest tax collection months, representing nearly 24% of the state’s projected annual revenues. The December 2010 revenue forecast will be updated on April 15, 2011.