State Amasses $1.2 Billion Surplus

Higher than expected tax collections and deeper than expected spending cuts padded the state‘s $830 million in reserves

different kinds of US bills spread out

Photo: Tracy O (Flickr)

Tax collections are finally running ahead of state forecasts.

State Auditor Tim Berry reported Thursday that despite the economic recession and lower revenue collection than expected, Indiana ‘s current cash reserves total nearly $1.2 billion.

Berry says a number of factors contributed to the higher-than-expected surplus: state government and education budgets were cut and revenues over the last two months were much higher than expected.

Berry also singled out state employees for thanks.

“Many of them who are doing the jobs that two or three people used to do to provide the services at the most cost-effective manner for the taxpayers,” he said.

But House Democratic leader Pat Bauer says the state isn’t celebrating a healthy budget or job creation – it’s celebrating cuts.

“Cuts to education,” he said, “cuts to children’s help and health care and cuts to practically everybody else’s health care that has suffered through this great recession.”

Indiana spent $1.5 billion dollars less than anticipated in its previous two-year budget, which ran from July of 2009 through June of this year.

Brandon Smith, IPBS

Brandon Smith, IPBS has previously worked as a reporter and anchor for KBIA Radio in Columbia, MO, and at WSPY Radio in Plano, IL as a show host, reporter, producer and anchor. Brandon graduated from the University of Missouri-Columbia with a Bachelor of Journalism in 2010, with minors in political science and history. He was born and raised in Chicago.

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