INDIANAPOLIS — Despite Indiana's missing its March revenue goal by $15.5 million, state tax collections remain slightly above expectations three quarters of the way through the budget year.
Last month, Indiana took in $1.04 billion. That was 1.5 percent less than predicted by budget forecasters and just $2 million more than last March.
Lower-than-expected income tax payments of $287.2 million were responsible for most of the shortfall.
Officials expected Hoosiers to pay $334.1 million in income taxes last month, a deficit of $46.9 million, or 14 percent.
Sales tax revenue for March also came in below expectations for the seventh time in the past nine months.
However, higher-than-predicted corporate income tax revenue and taxes on bets placed at riverboat casinos and the state's horse track casinos nearly made up the shortfall.
Total state revenue since July is running $36.5 million, or 0.4 percent, higher than forecast. It's also 0.4 percent greater than the same nine-month period one year earlier.
That should ensure there's no need to diminish the $414 million in state surplus funds set to be used, starting in July, for improvements to state and local roads and bridges.
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