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State Revenues In Strong Position As Fiscal Year’s End Approaches

By Brandon Smith, IPB News | Published on in Economy, Government
Indiana state officials will close the books on the fiscal year next month. (Brandon Smith/IPB News)
Indiana state officials will close the books on the fiscal year next month. (Brandon Smith/IPB News)

Indiana tax revenues are well positioned to finish the fiscal year strong after the state brought in more money than expected in May.

Indiana’s largest revenue sources all outperformed expectations in May.  That includes sales taxes, which upended a streak of poor collections that stretched back to January.

And total state revenues are well ahead of the forecasted pace, with just one month to go before the end of the fiscal year. Tax collections through May are about $156 million better than budget writers anticipated.

That means when state leaders close the books next month, it’s unlikely money will need to be shifted around to cover any shortfalls or boost the state’s budget reserves.