Chief Deputy Auditor Steve Saulter says the state may have given the county more cash than it was owed.
The new measure partially restores many programs cut during the 2010 fiscal year.
The House Ways and Means Committee has begun consideration of a measure which aims to save school corporations money on health insurance.
The House Elections and Apportionment Committee approved the bill, which already passed the senate.
Budget officials say, while the school is currently financially sound, increasing cost and a poor economy could mean IU is heading for rough times.
25 candidates have been nominated and the list will be narrowed to as few as two candidates within the next week.