The city of Kokomo has $10 million in reserves and a structural surplus in its yearly budget.
Indiana's revenue growth is on pace for the state’s surplus to exceed $2 billion by next summer.
Gov. Mitch Daniels announced Wednesday Indiana taxpayers filing alone will receive $111. Those filing jointly will receive $222.
Universities have been petitioning the state this week for additional funding, but they are not the only ones seeking part of Indiana's $2 billion surplus.
Indiana will put $360 million of this year's budget surplus toward five public pension funds, including state police and teacher retirement funds.
State officials estimate Indiana will have a budget surplus of $2 billion, activating an automatic taxpayer refund.
Indiana House and Senate bills both seek to find a use for the state's surplus, but in different ways.
If budget predictions are correct and the taxypayer refund system is not changed, Hoosiers could receive about $50 each at the end of the year.
Parents of kindergarten students at Vigo County School Corporation schools received a refund because of a surplus of funds.
The state surplus could be as high as $1.6 billion, triggering an automatic taxpayer refund.