Indiana collected $31 million more than projected last month and $164 million more than it collected during the same period last year, according to the state’s budget office.
September revenues totaled $1.32 billion. Sales taxes totaled $554 million, up more than 8% for the same month last year. Income tax collections totaled $447 million, an increase of nearly 14%.
The growth in collections continues the first-quarter trend. For the quarter, sales tax revenue is up nearly 8% compared to the first quarter of 2010, and individual income tax revenue is up 12%.
Despite the upticks, the firm that crafts the state’s revenue projections is cautious looking forward, officials said.
“Although actual revenues are $67 million ahead of the monthly targets at the end of the first quarter, the current economic forecasts from Global Insight are considerably more pessimistic about future growth in the national economy than those used in the April forecast,” state budget director Adam Horst said in his monthly revenue report.