Indiana is on track to end its 2024 budget year June 30 with almost exactly the General Fund receipts predicted by the state revenue forecast.
Data released Friday by the State Budget Agency show Indiana took in $1.59 billion during the month of May.
That was $126.6 million, or 8.7%, more than the $1.46 billion in General Fund collections anticipated by the revenue forecast for last month.
Though the May surplus could be caused in part by tax payment timing issues that may even out in the final month of the state budget year, according to the State Budget Agency.
As a result, once added to the 10 previous months of revenue ups and downs, the General Fund is running $149.9 million, or 0.8%, ahead of the revenue forecast; and $42.3 million, or 0.2%, higher than the revenue estimates used by Hoosier lawmakers in April 2023 to craft the state's two-year spending plan, data show.
Indiana's General Fund revenue also is on pace to grow on a year-over-year basis by about $400 million, or 2.1%, notwithstanding the Jan. 1 reduction in the individual income tax rate to 3.05% from 3.15%.
In fact, personal income tax receipts have outperformed the forecast by $152.4 million, or 2.1%, over the course of the state's budget year, while the state's largest revenue source, the 7% sales tax, has come in $88.7 million, 0.9%, less than the year-to-date estimate.
Both of those revenue categories, however, have been bested by the $513.1 million in interest earned on the state's more than $2 billion budget reserve compared to state's $239 million in interest income last year, records show.
Final General Fund revenue totals for the 2024 budget year are expected to be announced in mid-July by the state comptroller.
Hoosier lawmakers, as well as Indiana's next governor, will begin working in January to craft the 2026-27 state budget following receipt of a new revenue forecast in December.
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