Fiscal Closeout Shows Surplus, Reserves

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INDIANAPOLIS -

State leaders say Indiana closed Fiscal Year 2015 with a structural surplus of $210 million and total reserves of more than $2.1 billion. Governor Mike Pence calls the numbers "encouraging," saying the state invested in priorities while living within its means. State Representative Greg Porter (D-96) says the state is "hoarding money" while the middle class "continues to suffer."

The state says its reserves, which sit at more than $2.14 billion, mark the second-highest level ever in Indiana. The report suggests revenue for Fiscal Year 2015 was $274 million above the most recent forecast and $496 million above the previous year.

In a release, Governor Mike Pence said, "Over the last two years, we invested in Hoosier priorities while living within our means. From increases in funding for infrastructure, child protection, and education to enacting the largest state tax cut in Indiana history, we put Hoosiers and their families first."

Pence says he remains optimistic about continued growth in the coming years.

Porter is the ranking Democrat on the Indiana House Ways and Means Committee. He says the state is saving too much money at the expense of addressing tangible needs. While acknowledging the increase in educating funding, he says hundreds of school corporations throughout the state "will not share in that bounty."

In his response, Porter says an extra $12 million could fund pre-school programs in five or six more counties, and another $80 million could help fill potholes and provide aid to farmers affected by flooding.

You can see the Fiscal Year 2015 closeout report by clicking here.

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