Indiana Governor Mike Pence says the state's cash reserves have grown to nearly two-billion dollars. Thursday Pence was joined by State Auditor Tim Berry in announcing Indiana has closed the books on fiscal year 2013, which ended June 30th, with a nearly 483-million dollar budget surplus -- almost 100-million dollars higher than the budget bill projected. Officials also say the state's reserves have grown to more than one-point-94 billion dollars.
“Indiana is strong and growing stronger, and the Closeout Report confirms the balanced approach that we took in the enacted budget,” said Governor Pence. “I proposed an honestly balanced budget in January, and that’s what the General Assembly passed in April. The budget holds the line on spending and maintains adequate reserves while including tax relief for Hoosiers and investing in our priorities. As a result, Indiana remains the fiscal envy of the country.”
The state further strengthened its fiscal position by paying off $282 million in debt on state-owned facilities, reducing state tax-funded debt by 52 percent since the start of FY 2013. Pence also announced that the state will lower its debts by an additional $66 million by paying off the bonds for the Miami Correctional Facility. That will reduce state spending by approximately $27 million in the next two years.
“Once again, Indiana continues to be a model of fiscal responsibility,” said State Auditor Berry. “Our discipline when it comes to the state’s financial management allows us to meet our budgetary goals as well as positioning our state for a solid financial future. That is something most states today would envy.”
The FY 2013 Closeout Report is available at http://www.in.gov/sba/2362.htm