Indiana ended the current fiscal year with a surplus of nearly $1.8 billion, State Auditor Tera Klutz announced Thursday.
The state’s annual fiscal closeout report, which is prepared by the Office of Management and Budget, indicated that Indiana’s reserves amounts to 11.3 percent of general fund expenditures, or $1.785 billion.
“As the state’s Chief Financial Officer, I am pleased to report the State of Indiana remains financially strong.” Klutz said in a written statement. “Indiana continues to adapt its spending to meet financial challenges that often occur. By continuing to live within our means and remain fiscally conservative, our state can be proactive, rather than reactive when faced with the realities of governing.”
Klutz’s office recently updated Indiana’s transparency portal, which contains details information about the state’s revenues and expenditures. The site is accessible to the public.
The state, which finished the first year of a two-year budget cycle on June 30, has maintained AAA ratings with national credit reporting agencies. One benefit of a strong credit rating is that Indiana is able to borrow money at lower interest rates.
“It is because of our state’s long-standing fiscal discipline that we are able to withstand challenges this year and meet Hoosiers’ needs,” said Micah Vincent, director of the Office of Management and Budget, in a news release. “As we head into the next budget session, we must be mindful of financial pressures and maintain our commitment to fiscal health.”
Gov. Eric Holcomb said in a statement that Indiana has ended the fiscal year with healthy reserves and a growing economy.
“This is a tremendous achievement in light of serious needs in our Department of Child Services,” Holcomb said. “Looking ahead to the upcoming budget year, we must remain vigilant and manage state resources carefully to maintain our position as the fiscal envy of the nation.”
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