$1.8 billion in reserve for Indiana as fiscal year ends
INDIANAPOLIS — State officials say Indiana closed out the 2017 fiscal year that ended in June with about $1.8 billion in reserves and a surplus of $42 million.
Indiana Auditor Tera Klutz said Tuesday during a news conference at the Indiana Statehouse that the numbers demonstrate that the state is fiscally responsible.
Republican Gov. Eric Holcomb and the GOP-controlled Legislature raised taxes on fuel this last legislative session despite the balance in reserve.
Office of Management and Budget Director Micah Vincent says that’s a prudent step because it will allow the state to pay for infrastructure improvements while keeping the state ready for a possible economic downturn.
That way the state is prepared to weather a sinking economy without needing to immediately raise taxes while still providing services.
Gov. Holcomb issued this statement:
“As we close the books on another fiscal year, Indiana’s financial position remains strong. With more than a decade of balanced budgets and healthy reserves behind us, we must remain vigilant to maintain our position as the fiscal envy of the nation. To do that, we must continue managing our state’s finances carefully, diversify our economy and grow our workforce.”