Indiana State Budget Agency FY 2022 Report of Monthly ...

Major Taxes Sales & Use1 Individual AGI Corporate - AGI, URT, USUT, FIT Riverboat Wagering Racino Wagering

Subtotal Major Taxes

Other Revenue Cigarette Insurance Inheritance Alcoholic Beverages Riverboat Supplemental Wagering Interest Motor Vehicle and Commercial Vehicle Excise2 Miscellaneous Revenue?

Subtotal Other Revenue

Indiana State Budget Agency

FY 2022 Report of Monthly General Fund Revenue Collections For the month ending October 31, 2021

All amounts in millions of dollars Estimates per April 15, 2021 State Revenue Forecast

General Fund Actual

Revenue Y-T-D

Comparison to Monthly Estimates

Estimated Revenue

Y-T-D

Difference

Amount

Percent

$3,261.4 $2,074.4

$363.1 $55.3 $42.3

$3,036.1 $1,895.3

$221.4 $43.2 $42.4

$225.2 $179.1 $141.7

$12.1 -$0.1

7.4% 9.4% 64.0% 28.0% -0.3%

$5,796.4

$5,238.4

$558.0

10.7%

Comparison to Prior Year-to-Date

Actual

Revenue

Prior

Change

Y-T-D

Amount

Percent

$2,937.9 $2,559.8

$416.2 $37.8 $36.0

$323.4 -$485.4

-$53.0 $17.5

$6.3

11.0% -19.0% -12.7% 46.4% 17.4%

$5,987.6

-$191.2

-3.2%

$81.0 $53.1

$0.0 $8.2 $2.3 $7.3 $0.0 $42.0

$193.9

$84.7 $56.1

$0.0 $7.1 $2.5 $5.6 $0.0 $31.0

$187.1

-$3.7 -$3.0 $0.0 $1.1 -$0.2 $1.7 $0.0 $11.0

$6.9

-4.4% -5.3%

NA 14.7% -8.1% 30.2%

NA 35.6%

3.7%

$85.1 $55.0

$0.2 $7.4 $1.2 $11.1 $0.0 $29.7

$189.7

-$4.0 -$1.9 -$0.2 $0.8 $1.1 -$3.8 $0.0 $12.4

$4.3

-4.7% -3.5% -96.4% 11.1% 88.4% -34.3%

NA 41.8%

2.3%

Total General Fund

$5,990.4

$5,425.5

$564.8

10.4%

$6,177.3

-$186.9

-3.0%

* The accompanying commentary should be read in conjunction with the review of this report. * The totals, changes, and percent changes in this report are based on unrounded amounts.

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Sales & Use1 Individual AGI Corporate - AGI, URT, USUT, FIT Riverboat Wagering Racino Wagering Other2 Total General Fund

FY 2022 Report of Monthly General Fund Revenue Collections For the month ending October 31, 2021

All amounts in millions of dollars Estimates per April 15, 2021 State Revenue Forecast

Actual Estimate Difference % Difference

July

$830.4 $792.4 $38.0 4.8%

August September October November December January February

$805.5 $755.4 $50.1 6.6%

$831.3 $744.7 $86.6 11.6%

$794.2 $743.6 $50.6 6.8%

$722.8

$721.5

$845.2

$692.1

March $641.1

April $832.1

May $785.7

June $797.7

Actual Estimate Difference % Difference

$419.2 $418.9

$0.3 0.1%

$503.3 $475.5 $27.8 5.8%

$686.3 $583.2 $103.1 17.7%

$465.6 $417.7 $47.9 11.5%

$479.0

$477.9

$877.1

$137.0

$463.1 $1,218.6 $543.9

$618.6

Actual

$43.5

$11.9

$272.6

$35.0

Estimate

$14.6

($9.4)

$207.8

$8.3

$8.4

$154.3

($6.7)

($13.3)

$41.4

$215.5

$18.8

$244.1

Difference

$28.9

$21.3

$64.9

$26.7

% Difference 197.2% 227.1%

31.2%

320.5%

Actual Estimate Difference % Difference

$1.3 $1.5 ($0.2) -10.2%

$7.4 $5.8 $1.6 28.2%

$19.8 $17.5 $2.3 13.0%

$26.7 $18.4 $8.3 45.3%

$17.9

$22.5

$25.2

$28.0

$35.3

$34.0

$32.7

$35.2

Actual

$11.6

$10.8

$10.3

$9.6

Estimate

$11.4

$10.1

$10.7

$10.2

$9.8

Difference

$0.2

$0.7

($0.4)

($0.6)

% Difference

1.7%

6.7%

-3.9%

-5.8%

$10.3

$10.2

$12.4

$13.7

$12.6

$12.8

$14.7

Actual Estimate Difference % Difference

$28.8 $30.8 ($2.0) -6.5%

$37.3 $35.7 $1.6 4.4%

$88.4 $84.9 $3.5 4.1%

$39.4 $35.6 $3.8 10.6%

Actual Estimate Difference % Difference

$1,334.9 $1,269.7

$65.2

5.1%

$1,376.2 $1,273.2 $103.0

8.1%

$1,908.7 $1,648.7 $259.9

15.8%

$1,370.5 $1,233.8 $136.7

11.1%

$32.7 $1,270.5

$99.5

$52.1

$1,486.0 $1,803.1

$40.3 $896.4

$47.0

$88.5

$34.1

$413.9

$1,241.6 $2,401.3 $1,428.1 $2,124.2

Y-T-D

$3,261.4 $3,036.1 $225.2

7.4%

$2,074.4 $1,895.3 $179.1

9.4%

$363.1 $221.4 $141.7 64.0%

$55.3 $43.2 $12.1 28.0%

$42.3 $42.4 ($0.1) -0.3%

$193.9 $187.1

$6.9 3.7%

$5,990.4 $5,425.5 $564.8

10.4%

Total General Fund

Actual Adj. Estimate Difference % Difference

Comparison of Monthly Revenues to Estimates Based on the Budget Plan4

July $1,334.9 $1,269.1

$65.8 5.2%

August $1,376.2 $1,272.6 $103.6

8.1%

September $1,908.7 $1,648.4 $260.3 15.8%

October $1,370.5 $1,233.2 $137.3

11.1%

November December January $1,269.9 $1,485.2 $1,802.8

February $895.3

March $1,240.8

April $2,401.7

May $1,427.4

June $2,123.5

Y-T-D $5,990.4 $5,423.4 $567.0

10.5%

2

FY 2022 Monthly Revenue Year-Over-Year Comparison For the month ending October 31, 2021

All amounts in millions of dollars

Sales & Use1 Individual AGI Corporate - AGI, URT, USUT, FIT Riverboat Wagering Racino Wagering Cigarette Insurance Inheritance Alcoholic Beverages Riverboat Supplemental Wagering Interest Motor Vehicle and Commercial Vehicle Excise2 Miscellaneous Revenue? Total General Fund

FY 2021 FY 2022 Change % Change FY 2021 FY 2022 Change % Change FY 2021 FY 2022 Change % Change FY 2021 FY 2022 Change % Change FY 2021 FY 2022 Change % Change FY 2021 FY 2022 Change % Change FY 2021 FY 2022 Change % Change FY 2021 FY 2022 Change % Change FY 2021 FY 2022 Change % Change FY 2021 FY 2022 Change % Change FY 2021 FY 2022 Change % Change FY 2021 FY 2022 Change % Change FY 2021 FY 2022 Change % Change FY 2021 FY 2022 Change % Change

July $763.6 $830.4 $66.8 8.7% $1,021.4 $419.2 ($602.2) -59.0% $170.4 $43.5 ($126.9) -74.5%

$0.4 $1.3 $1.0 245.8% $9.3 $11.6 $2.3 24.3% $22.7 $20.9 ($1.7) -7.6% $0.1 $0.1 $0.0 8.6% $0.0 $0.0 ($0.0) -43.0% $2.0 $2.1 $0.1 4.9% $0.1 ($0.1) -100.0% $2.3 $0.5 ($1.9) -80.4% $0.0 $0.0 NA $6.8 $5.2 ($1.6) -24.0% $1,999.3 $1,334.9 ($664.4) -33.2%

August $734.3 $805.5 $71.2 9.7% $568.3 $503.3 ($65.0) -11.4% $12.0 $11.9 ($0.05) -0.4%

$5.0 $7.4 $2.4 47.4% $9.4 $10.8 $1.3 14.3% $20.5 $18.8 ($1.7) -8.2% $1.6 $2.8 $1.2 73.2% $0.0 $0.0 $0.0 711.3% $1.8 $2.1 $0.2 12.4% $0.0 NA $0.7 $3.1 $2.4 369.6% $0.0 $0.0 NA $6.6 $10.6 $4.0 60.8% $1,360.2 $1,376.2 $16.0 1.2%

September $718.0 $831.3 $113.3 15.8% $579.5 $686.3 $106.8 18.4% $209.6 $272.6 $63.0 30.0% $15.1 $19.8 $4.7 30.9% $8.8 $10.3 $1.5 16.7% $22.4 $20.0 ($2.3) -10.3% $53.1 $49.8 ($3.3) -6.2% $0.2 $0.0 ($0.2) -99.0% $1.6 $2.0 $0.4 23.4% $1.1 $1.9 $0.8 70.0% $4.5 $1.7 ($2.8) -61.9% $0.0 $0.0 NA $7.5 $13.0 $5.5 72.5%

$1,621.5 $1,908.7 $287.2

17.7%

October $721.9 $794.2 $72.2 10.0% $390.6 $465.6 $75.0 19.2% $24.1 $35.0 $10.9 45.2% $17.2 $26.7 $9.5 55.2% $8.4 $9.6 $1.2 14.1% $19.6 $21.2 $1.7 8.6% $0.2 $0.4 $0.2 105.8% $0.0 $0.0 ($0.0) -96.1% $1.9 $2.0 $0.1 6.4% $0.0 $0.4 $0.4 NA $3.6 $2.1 ($1.6) -43.1% $0.0 $0.0 NA $8.7 $13.3 $4.6 52.5%

$1,196.3 $1,370.5 $174.2

14.6%

November December January

$703.9

$718.2

$860.2

$464.8

$452.3

$844.8

$6.7

$161.2

$29.5

$19.3

$19.2

$26.6

$8.1

$7.1

$9.6

$17.6

$20.6

$20.0

$2.2

$49.0

$12.7

$0.0

$0.0

$0.0

$2.3

$1.4

$2.5

$0.0

$1.1

$1.9

$1.6

$4.8

$0.9

$0.0

$0.0

$0.0

$6.8

$23.0

$14.0

$1,233.1 $1,457.8 $1,822.8

February $695.2

March $646.6

$278.4

$386.5

($26.2)

$43.4

$21.4

$31.3

$8.7

$12.7

$16.1

$18.1

$17.9

$9.1

$0.0

$0.0

$1.6

$1.1

$0.0

$2.1

$1.4

$1.0

$0.0

$0.0

$8.2

$9.3

$1,022.7 $1,161.3

April $872.3 $940.3 $286.7 $39.4 $15.0 $18.9 $37.6

$0.0 $1.9 $0.1 $6.1 $0.0 $12.1 $2,230.4

May $812.3 $934.1 $46.2 $40.9 $14.5 $18.1

$2.2 $0.0 $1.9 $0.0 $0.9 $0.0 $7.2 $1,878.3

June $826.0 $670.6 $421.6 $46.6 $14.5 $20.5 $43.8

($0.0) $1.9 $3.3 $3.3 $296.9 $74.7 $2,423.8

Y-T-D $2,937.9 $3,261.4 $323.4

11.0% $2,559.8 $2,074.4 ($485.4) -19.0% $416.2 $363.1

($53.0) -12.7% $37.8 $55.3 $17.5 46.4% $36.0 $42.3

$6.3 17.4% $85.1 $81.0 ($4.0) -4.7% $55.0 $53.1 ($1.9) -3.5% $0.2 $0.0 ($0.2) -96.4% $7.4 $8.2 $0.8 11.1% $1.2 $2.3 $1.1 88.4% $11.1 $7.3 ($3.8) -34.3% $0.0 $0.0

NA $29.7 $42.0 $12.4 41.8% $6,177.3 $5,990.4 ($186.9) -3.0%

3

FY 2022 Report of Quarterly General Fund Revenue Collections For the month ending October 31, 2021

All amounts in millions of dollars Estimates per April 15, 2021 State Revenue Forecast

Sales & Use1

FY 2022:Q1 FY 2022:Q2 FY 2022:Q3 FY 2022:Q4

Y-T-D

Q1

Q2

Q3

Q4

Actual Estimate Difference % Difference

$2,467.2 $2,292.5 $174.6

7.6%

$794.2 $743.6 $50.6

6.8%

$3,261.4 $3,036.1 $225.2

7.4%

FY 2021 FY 2022 Change % Change

$2,216.0 $2,467.2 $251.2

11.3%

$721.9 $794.2 $72.2 10.0%

Individual AGI

Actual Estimate Difference % Difference

$1,608.8 $1,477.7 $131.2

8.9%

$465.6 $417.7 $47.9 11.5%

$2,074.4 $1,895.3 $179.1

9.4%

FY 2021 FY 2022 Change % Change

$2,169.2 $1,608.8 ($560.3)

-25.8%

$390.6 $465.6 $75.0 19.2%

Corporate - AGI, URT, USUT, FIT

Actual Estimate Difference % Difference

$328.1 $213.0 $115.0 54.0%

$35.0 $8.3

$26.7 320.5%

$363.1 $221.4 $141.7 64.0%

FY 2021 FY 2022 Change % Change

$392.0 $328.1 ($64.0) -16.3%

$24.1 $35.0 $10.9 45.2%

Riverboat Wagering

Actual Estimate Difference % Difference

$28.6 $24.8 $3.8 15.1%

$26.7 $18.4 $8.3 45.3%

$55.3 $43.2 $12.1 28.0%

FY 2021 FY 2022 Change % Change

$20.5 $28.6 $8.0 39.0%

$17.2 $26.7 $9.5 55.2%

Racino Wagering Other2

Actual Estimate Difference % Difference

Actual Estimate Difference % Difference

$32.7 $32.2 $0.5 1.4%

$154.5 $151.5

$3.1 2.0%

$9.6 $10.2 ($0.6) -5.8%

$39.4 $35.6 $3.8 10.6%

$42.3 $42.4 ($0.1) -0.3%

$193.9 $187.1

$6.9 3.7%

FY 2021 FY 2022 Change % Change

FY 2021 FY 2022 Change % Change

$27.6 $32.7 $5.1 18.4%

$155.6 $154.5 ($1.1) -0.7%

$8.4 $9.6 $1.2 14.1%

$34.0 $39.4 $5.4 15.8%

Total General Fund

Actual Estimate Difference % Difference

$4,619.8 $4,191.7 $428.1

10.2%

$1,370.5 $1,233.8 $136.7

11.1%

$5,990.4 $5,425.5

$564.8 10.4%

FY 2021 FY 2022 Change % Change

$4,980.9 $4,619.8 ($361.1)

-7.3%

$1,196.3 $1,370.5 $174.2

14.6%

Y-T-D

$2,937.9 $3,261.4 $323.4

11.0%

$2,559.8 $2,074.4 ($485.4)

-19.0%

$416.2 $363.1 ($53.0) -12.7%

$37.8 $55.3 $17.5 46.4%

$36.0 $42.3 $6.3 17.4%

$189.7 $193.9

$4.3 2.3%

$6,177.3 $5,990.4 ($186.9)

-3.0%

4

FY 2022 Report of Monthly General Fund Revenue Collections Notes to the Report For the month ending October 31, 2021

All amounts in millions of dollars

1. HEA 1001-2016 changed the allocation of sales tax revenue. Sales tax net of Gasoline Use Tax is allocated to the General Fund at 99.838%, Industrial Rail at 0.031%, and Commuter Rail at 0.131%. Gasoline use tax is allocated to the General Fund at 32.155%, the Motor Vehicle Highway Fund at 14.286%, the Local Road and Bridge Matching Grant Fund at 21.429%, the Special Transportation Flexibility Fund at 12.852%, and the State Highway Fund at 19.278%.

Year-to-date Sales and Use Tax comprises the following.

Sales Tax - General Fund Sales Tax - Motor Vehicle Highway Account Sales Tax - Industrial Rail Sales Tax - Commuter Rail Sales Tax - Local Road and Bridge Matching Sales Tax - Special Transportation Flexibility Fund Sales Tax - State Highway Fund Total

$ 3,261.4

$

26.0

$

1.0

$

4.2

$

39.0

$

23.4

$

35.1

$ 3,390.0

2. Year-to-date revenues of motor vehicle excise taxes and commercial vehicle excise taxes under HEA 1001-2008 totaled $1.6M. Due to the difficulty of determining the timing of these revenues, they are deposited in a separate fund and will be reported as revenue in June 2022.

3. HEA 1545-2013 authorized the collection of an income tax check-off to be used in funding public education for kindergarten through grade 12. The k-12 check-off became effective for the tax year beginning January 1, 2015. Year-to-date collections for the k-12 check-off total $4,162.33 and are included in Miscellaneous Revenue.

4. The monthly revenue estimates for the budget plan are based on the April 15, 2021 revenue forecast adjusted for the impact of legislative actions taken by the General Assembly in 2021.

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