Indiana ended its fiscal year with a record high reserve fund of $2.24 billion and a budget surplus of $50.6 million, Lt. Gov. Eric Holcomb and State Auditor Suzanne Crouch announced Monday.
The state was able to achieve the surplus despite missing its forecast for revenue growth by $111.3 million, and while bringing in $78.5 million less in revenue than it did in the previous fiscal year.
“Hoosiers deserve to know their hard-earned dollars are being spent in a responsible manner,” Holcomb said in a written statement. “In Indiana, every tax dollar is spent with serious consideration and respect for the individuals who earned those dollars. By keeping prudent reserves and identifying areas of potential growth, we can continue to make Indiana a fiscal leader.”
The financial results will allow Indiana to maintain its status as one of only 12 states with a AAA credit rating, Crouch said.