INDIANAPOLIS, IN — State Auditor Tera Klutz, CPA, said Friday that Indiana closed the 2022 fiscal year with $6.1 billion in state reserves.
“Indiana’s historic $6.1 billion reserve balance gives legislators the opportunity to review the state’s funding model as well as provide residents with the assurance that Indiana can continue to provide essential services as our country confronts an uncertain economic future,” said Klutz.
The State of Indiana collected $1.24 billion more than last forecasted which contributed to the unprecedented amount in reserves. Gov. Eric Holcomb has called a special session to return $1 billion from the reserves to Hoosier taxpayers in addition to the automatic taxpayer refund Hoosiers started receiving due to last year’s record reserve.
The Governor issued the following statement on the fiscal year close-out:
“Indiana’s economy is growing at an unprecedented rate due to the lowest unemployment rate in state history, higher-than-expected income tax revenues, and growing our state’s GDP at a faster rate than the national average while meeting the essential needs of Hoosiers,” Holcomb said. “I have called a special session to return $1 billion to taxpayers because it can’t wait until next year as we all face rising inflation costs. I plan to present a biennium budget that will address more support for our public health system, salary increases for state employees, additional funding for K-12 education, and another round of funds dedicated to the READI program to help local communities improve their overall quality of life.”
“I want to thank state fiscal leaders for their continued fiscal diligence that will benefit Hoosiers for years to come,” he added.
“The State of Indiana remains fiscally strong and continues to prove it has a reputation for being financially disciplined, paying down both debt and pension obligations early which keeps Indiana one of the lowest debt per capita states in the nation,” said the Office of Management and Budget Director Cris Johnston. “The state has an opportunity to return tax dollars to Hoosier taxpayers, maintain adequate reserves and build a sound biennium budget plan.”
“This solidifies our reputation as being fiscally minded and assuring Indiana can meet the needs of Hoosiers while having a financial cushion to handle the unpredictability of the current economy,” said State Budget Agency Director Zac Jackson.
The 2021-2022 Fiscal Year Close-Out Statement, ending on June 30, 2022, is prepared by the State Budget Agency.
Click here to view the full report.
Click here to explore the Indiana Transparency Portal.
(Office of the Indiana Auditor of State/Office of Gov. Eric J. Holcomb press releases)
