INDIANAPOLIS, Ind. (ADAMS) – Financial statements released Tuesday say Indiana’s reserves are set to hit a post-pandemic low next year.
The state closed the 2024 fiscal year this month with $2.6 billion in reserves which is 11.9 percent of expenditures. Next year that is projected to be 10.4 percent of expenditures at $2.3 billion.
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Comptroller Nieshalla released the following on Tuesday:
The State of Indiana closed fiscal year 2024 with $2.551 billion in state reserves, confirmed State Comptroller Elise Nieshalla today alongside Office of Management and Budget Director Cris Johnston and Acting State Budget Director Joseph Habig.
The year-end fiscal report shows Indiana’s reserve of nearly $2.6 billion broken down as follows:
$665 million General Fund
$181 million Medicaid Contingency & Reserve
$672 million Tuition Reserve
$1.03 billion Rainy Day Fund
The Comptroller’s Office coordinates with agencies statewide to complete final transactions for the year and confirm expenditures and revenues are aligned in order to produce the 2023-2024 fiscal year close-out statement, which is prepared by the State Budget Agency.
“In fiscal year 2024, Indiana continued its long practice of sound fiscal management and prudent approach to budgeting,” said Acting State Budget Agency Director Joseph Habig. “The results of maintaining an annual surplus and healthy reserve levels ensure that Indiana’s priorities will be funded today and tomorrow.”
Comptroller Nieshalla commented, “Indiana’s healthy reserves and standing as the 7th lowest debt per capita state showcases our high level of fiscal responsibility especially during a time when our country is facing a national debt crisis. As a lead financial officer for our state, I see the national debt at nearly $35 trillion as the greatest looming threat to Indiana’s robust economy.”
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