State revenues continue to come in under projections but are above collections for the same period last year, according to Indiana fiscal officials.
April collections were $87 million below expectations but $37 million, or 2.5%, above the same period last year.
General fund revenue for the first 10 months of fiscal 2011 have come in 0.2% below recent revenue collections. Total revenue collections in April totaled $1.47 billion. Sales tax collections totaled $534 million, a 3.3% increase from last year. Income tax collections total $602 million, 4.1% higher than April 2010.
“Although the above figures only represent one month, the results underscore the need for the state to protect an adequate level of reserves, especially given the uncertainty in the global economy at present,” said budget director Adam Horst.