Indiana State Auditor Suzanne Crouch says the state remains "a model of fiscal integrity." Crouch says Indiana ended Fiscal Year 2016 with a structural surplus of more than $50 million and the highest level of reserves in state history.
The surplus comes despite revenues that were below forecast. Crouch’s office says lower collections were largely offset by low gas prices. The state says Fiscal Year 2016 revenue growth was $111.3 million below the most recent forecast. Even so, it is reporting reserves of more than $2.24 billion, the highest amount ever for Indiana.
In a release, Indiana Governor Mike Pence said, "Hoosiers should be encouraged that Indiana’s financial record remains strong and their tax dollars are being used widely." Crouch’s office says Indiana is one of only 12 states in the nation to hold a AAA credit rating with all three credit rating agencies.
Last year, Governor Pence signed the biennial budget for fiscal years 2016-2017 into law. The $31 billion, two-year budget included $480 million in additional K-12 funding.
You can see the Fiscal Year 2016 Closeout Report by clicking here.