Indiana remains just on track this fiscal year when it comes to meeting its budget projections.
That’s despite November tax collections that fell short of expectations.
The budget plan lawmakers approved last year projected Indiana would take in a little more than $6 billion by this point in the fiscal year. And the state has just exceeded that mark by about $23 million.
That performance was helped by corporate tax collections that greatly exceed expectations. November marks three consecutive months corporate income tax revenues did better than predicted. That’s the longest such stretch in more than three years.
Sales and individual income taxes struggled in November. But both revenue streams are still mostly on track for the overall fiscal year. And state budget analysts caution not to read too much into a single month’s performance.
