$3.9 BILLION IN STATE RESERVE TO BE REFUNDED TO TAXPAYERS
State cash reserves jump despite pandemic challenges and economic downturn.
State Auditor Tera Klutz, CPA announced today that Indiana closed the 2021 fiscal year with reserves of $3.9 billion.
“Indiana once again exceeded expectations and soared through the recession with one of the fastest recoveries on record to end with a cash reserve of $3.9 billion at the end of June,” said Auditor Klutz. “Indiana is poised to make an excess reserve transfer of $1.1 billion, which will be split between retirement funding and a refundable income tax credit for Hoosier taxpayers.”
The annual report, prepared by the State Budget Agency, highlights the state’s fiscal year ending on June 30, 2021.
Auditor Klutz credits strong fiscal leadership and teamwork for how Indiana was able to financially navigate through the national pandemic and economic uncertainty while ensuring a reasonable state reserve.
“Indiana’s economic future and fiscal responsibility are directly linked. Maintaining sustainable finances creates a better, stronger, more prosperous Hoosier state for the next generation,” added Auditor Klutz.
Cris Johnston, Office of Management and Budget Director, echoed Auditor Klutz’s statements and added “Years of fiscal discipline, sound tax policy, a resilient Indiana economy, and federal pandemic financial assistance are all reflected in these impressive year-end results which have presented the opportunity to make strategic investments which will benefit Hoosiers in the years to come.”
“The official revenue forecast on April 15th added $463 million to our projections for FY 2021,” said Zac Jackson, State Budget Director. “In the last 75 days of the fiscal year, we exceeded those projections by an additional $1.222 billion. It’s unprecedented for the General Fund reserve balances to increase by nearly $1.7 billion in less than three months.”
To view the full report, see www.in.gov/sba/budget-information/fiscal-year-close-out-statements/fiscal-year-2020-2021-close-out-statement/
“Indiana continues to be a leader in fiscal responsibility and, with the recent upgrades to the Indiana Transparency Portal, a leader in financial transparency as well,” noted Auditor Klutz. In May, the Auditor updated the Indiana Transparency Portal with local government distribution data as part of the in-depth reports on the state’s revenues and expenditures.
To explore the Indiana Transparency Portal, see www.in.gov/itp/
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