Indiana State Revenue Forecasts History
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State revenue forecasts for the Total General & Property Tax Replacement Funds are prepared by the Indiana Economic Forum and the Revenue Forecast Technical Committee. The table below presents the history of state revenue forecasts starting with the state Fiscal Year 2004. The differences between the actual revenue for a Fiscal Year and the latest revenue forecast update prior to the Fiscal Year are highlighted in bold blue. The biggest revenue forecast "miss" was the 9.6% shortfall for Fiscal Year 2010 during the depths of the Great Recession.
Indiana State Revenue Forecasts History |
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Total General & Property Tax Replacement Funds |
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Fiscal Years 2004-2019 |
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(millions of dollars) |
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(Compiled April 13, 2017) |
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Source: Indiana State Budget Agency "Revenue Forecasts and Reports" at http://www.in.gov/sba/2363.htm |
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FY 2004 |
FY 2005 |
FY 2006 |
FY 2007 |
FY 2008 |
FY 2009 |
FY 2010 |
FY 2011 |
|
12/18/2002 Forecast |
10,739.7 |
11,244.1 |
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04/10/2003 Update |
10,692.5 |
11,192.3 |
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01/12/2004 Update |
10,561.5 |
11,001.8 |
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12/14/2004 Forecast |
11,312.3 |
11,736.6 |
12,356.6 |
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04/11/2005 Update |
11,290.6 |
11,757.4 |
12,378.3 |
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12/14/2005 Update |
11,712.7 |
12,348.9 |
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12/14/2006 Forecast |
12,358.5 |
12,837.4 |
13,448.2 |
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04/16/2007 Update |
12,335.7 |
12,817.6 |
13,377.0 |
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12/13/2007 Update |
12,898.6 |
13,136.2 |
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12/11/2008 Forecast |
13,516.3 |
13,821.2 |
14,321.9 |
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04/17/2009 Update |
13,376.4 |
13,475.3 |
13,976.2 |
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05/27/2009 Update |
12,932.1 |
13,115.1 |
13,632.6 |
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12/15/2009 Update (1) |
12,076.2 |
12,835.7 |
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12/15/2010 Forecast |
12,951.2 |
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04/15/2011 Update |
13,070.1 |
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12/14/2011 Update |
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Fiscal Year Actual |
10,619.9 |
11,436.5 |
12,060.7 |
12,626.2 |
13,082.2 |
12,906.2 |
12,186.7 |
13,274.2 |
Update Difference (2) |
72.6 |
434.7 |
303.3 |
277.3 |
264.6 |
230.0 |
1,288.6 |
438.5 |
Percent Actual Shortfall |
0.7% |
1.8% |
9.6% |
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Percent Actual Extra |
4.0% |
2.6% |
2.2% |
2.1% |
3.4% |
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FY 2012 |
FY 2013 |
FY 2014 |
FY 2015 |
FY 2016 |
FY 2017 |
FY 2018 |
FY 2019 |
|
12/15/2010 Forecast |
13,401.8 |
13,945.5 |
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04/15/2011 Update |
13,741.4 |
14,249.4 |
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12/14/2011 Update |
14,074.9 |
14,432.0 |
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12/17/2012 Forecast |
14,337.5 |
14,655.4 |
15,087.5 |
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04/16/2013 Update |
14,370.8 |
14,728.2 |
15,271.8 |
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12/20/2013 Update |
14,388.5 |
14,858.7 |
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12/18/2014 Forecast |
14,729.7 |
15,090.2 |
15,572.5 |
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04/16/2015 Update |
14,624.9 |
14,971.1 |
15,478.3 |
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12/17/2015 Update |
14,931.1 |
15,343.4 |
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12/15/2016 Forecast |
15,043.5 |
15,480.8 |
16,087.0 |
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04/12/2017 Update |
15,167.3 |
15,588.2 |
16,180.8 |
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Fiscal Year Actual |
14,125.1 |
14,462.1 |
14,402.2 |
14,898.4 |
14,819.5 |
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Update Difference (2) |
383.7 |
30.1 |
326.0 |
39.7 |
151.6 |
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Percent Actual Shortfall |
2.2% |
1.0% |
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Percent Actual Extra |
2.8 |
0.2% |
0.3% |
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Note: |
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(1) Prior year revenues and forecasted revenues for Cigarette Tax Account adjusted to reflect new distribution. |
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(2) "Update Difference" is the difference between the Fiscal Year Actual and the latest Update prior to the FY. |
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This page was last updated on 05/04/17.