Indiana State Auditor Tera Klutz has released the state’s 2018 Fiscal Closeout Report. The Office of Management and Budget says the state finished out the fiscal year with nearly $1.8 billion in reserves and a budget surplus of more than $100 million.
Klutz says 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. I want to thank all the State Officials for their diligent work, but I want to remind them, there is still work to be done. We must continue to work harder and smarter to ensure we are delivering services Hoosiers need in the most cost effective manner."
Micah Vincent, director of the Office of Management and Budget, praised state leaders for their efforts to manage the fiscal year, allowing Indiana to maintain a balanced budget with health reserves and a AAA credit rating. Governor Eric Holcomb released a statement on the news Thursday.
“Once again, Indiana is ending the fiscal year in a solid position with strong June revenue, healthy reserves and a growing economy," said Holcomb. "This is a tremendous achievement in light of serious needs in our Department of Child Services. 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."
The governor cited his plan to use $25 million from the state’s surplus to help boost the Indiana Department of Child Services. The decision followed an evaluation of the DCS’ operations and the money will go toward priorities such as raising salaries and increasing training for "on-the-ground" DCS case workers.
You can connect to the auditor’s full fiscal closeout report by clicking here.