State fiscal analysts project Indiana's government will take in more than a half-billion dollars more than anticipated in tax revenue over the next two-year budget cycle.
Analysts told the State Budget Committee on Friday they expect the state to take in some $643.7 million more in fiscal 2012 and 2013 than anticipated in the previous revenue forecast. The analysts predict state revenue will grow by 5.1 percent in 2012 compared with this year.
Gov. Mitch Daniels wants to use $150 million of that amount for Indian's public schools. The rest would likely go into the state's financial reserves.
Economists told the panel the U.S. economic recovery has become self-sustaining, though it still could be upset if oil prices skyrocket. Lawmakers say there's reason to remain cautious as they craft the budget.