Tax revenues were 4 percent below expectations in November.
Republicans are praising the state's fiscal conservatism, but Democrats say the surplus has come at the expense of much-needed programs.
During a Bloomington Chamber of Commerce luncheon Tuesday, the governor asked residents to attract business to the city, which he says is thriving economically.
Indiana ended the fiscal year with a surplus of $483 million, the governor announced Thursday.
Most new Indiana laws take effect on July 1 because the day marks the start of the state fiscal year.
The state collected $22 million more in revenue than expected in December.
The state collected $23 million more than anticipated last month, nearly 2 percent ahead of projections.
Hoosier taxpayers will each receive about $110 because of the automatic refund that is triggered when the surplus reaches a certain amount.