Indiana revenue collections performed better than expected last month, but March’s revenues weren’t enough for the state to climb out of its hole.
State tax revenues were $14 million above target last month, with individual income taxes providing a significant boost. But Indiana is still $75 million short of projected revenue levels for the entire fiscal year, with corporate taxes the lone bright spot, more than $70 million better than expected.
Still, Governor Mike Pence preaches confidence, saying the fundamentals of the Indiana economy remain strong.
“That’s why you’re seeing businesses around the state expanding, businesses from out of state are investing in Indiana, and I remain confident that as Indiana’s economy continues to expand – some 50,000 net new jobs last year – that we’ll be able to see the revenues of our state government grow,” Pence said.
Pence says he expects to end the fiscal year with a surplus of $100 million. The governor previously asked state agencies and universities to revert more money back to the state’s coffers at the end of the fiscal year.