INDIANAPOLIS, Ind. (WOWO):  After a lackluster month of April, Indiana’s revenue collections outpaced projections in May.  According to Inside Indiana Business, the Indiana State Budget Agency says General Fund revenues last month totaled $1.5 billion, which was 0.9% above the April 2023 forecast but 11% lower than the same month last year.

The agency said better-than-expected collections from corporate adjusted gross income tax, gaming taxes and interest outweighed lower-than-expected collections from sales tax and individual income tax. Sales tax collections totaled nearly $854 million last month, more than $19 million below projections, but $6.8 million higher than May 2022. Individual income tax collections were 3.4% lower than the monthly estimate.

The full revenue report can be found here.