Indiana Monthly Revenue Report: July 2011

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Written by Indiana State Budget Agency   

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

Results

  • Total revenue collections were $1,019 million, $23 million more than projected by the revenue forecast updated on April 15, 2011.  Total collections were $102 million above collections for the same period last year (+11.1%).
  • Sales tax collections totaled $559 million for the month, $37 million (+7.1%) above collections for the same period last year.
  • Individual income tax collections totaled $317 million for the month, $43 million (+15.9%) above collections for the same period last year.  Payroll withholdings increased 7.4% compared to the same period last year.

Commentary
State general fund revenue collections, especially for sales and individual incomes taxes, for July were consistent with trends seen in recent months.  Total general fund revenues increased 11.1% following an increase of 8.9% in FY 2011 compared to FY 2010.

Sales tax collections increased 7.1% over last July following increases in FY 2011 of 5.1% over FY 2010.  Individual income tax collections increased 15.9% over last July following increases in FY 2011 of 18.3%
compared to FY 2010.  Payroll withholdings, the largest component of individual income tax collections, increased 7.4% following increases of more than 6% throughout much of FY 2011.

The April 2011 forecast for FY 2012 requires growth of 3.5% over FY 2011 collections, after FY 2011 revenues ended the year $204 million ahead of the latest forecast (but $336 million less than the May 2009 forecast upon which the FY 2010-2011 budget was passed).
 

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