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Auditors: How State Misplaced Cash May Be Unclear For Months

Accounting errors led the state to temporarily forget about more than $500 million.

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Photo: Jasont82 (Wikimedia)

The missing cash has been found and much of it was given back to local government.

Representatives from the accounting firm Deloitte told state budget leaders Wednesday that it could be several months before Hoosiers know more about how and why the state misplaced of hundreds of millions of dollars in tax revenue.

Two representatives from Deloitte said it will likely take another month before they have identified high-risk budget areas deserving of closer inspection. They will then audit those areas and produce a report recommending improvements that the budget office can either accept or reject.

The audit comes after the state lost track of more than half a billion dollars in tax money and funds owed to local governments.

State Budget Director Adam Horst says he has his own ideas about changes for the budget office, but it is important the evaluation comes from an outside source.

“The most important thing is that it’s independent,” Horst says. “And that they move forward and do their work and do it in a way that we leverage their expertise, otherwise we’re paying them to do nothing. So we’re going to continue to look to them to guide us and to tell us where we need to be focusing our efforts.”

Horst says Deloitte is also taking input from a local working group consisting of state and local officials.

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