State of Indiana Ends Fiscal Year with More Than $6 Billion in Reserves

Friday, July 15, 2022 at 1:07 PM

By Indiana Auditor of State, news release

The State of Indiana collected $1.24 billion more than last forecasted which contributed to the unprecedented amount in reserves.

Shutterstock photo.

INDIANAPOLIS - State Auditor Tera Klutz, CPA announced today that Indiana closed the 2022 fiscal year with $6.1 billion in state reserves.

“Indiana’s historic $6.1 billion reserve balance gives legislators the opportunity to review the state’s funding model as well as provide residents with the assurance that Indiana can continue to provide essential services as our country confronts an uncertain economic future,” said Auditor Tera Klutz, CPA.

The State of Indiana collected $1.24 billion more than last forecasted which contributed to the unprecedented amount in reserves. Gov. Holcomb has called a special session to return $1 billion from the reserves to Hoosier taxpayers in addition to the automatic taxpayer refund Hoosiers started receiving due to last year’s record reserve.  

“The State of Indiana remains fiscally strong and continues to prove it has a reputation for being financially disciplined, paying down both debt and pension obligations early which keeps Indiana one of the lowest debt per capita states in the nation,” said Office of Management and Budget Director Cris Johnston. “The state has an opportunity to return tax dollars to Hoosier taxpayers, maintain adequate reserves and build a sound biennium budget plan.”

“This solidifies our reputation as being fiscally minded and assuring Indiana can meet the needs of Hoosiers while having a financial cushion to handle the unpredictability of the current economy,” said State Budget Agency Director Zac Jackson.

The 2021-2022 Fiscal Year Close-Out Statement, ending on June 30, 2022, is prepared by the State Budget Agency.

Click here to view the full report.  Video of the press conference will be archived here after the announcement.

Click here to explore the Indiana Transparency Portal.  

Indiana Governor Eric Holcomb released the following statement: 

"Indiana’s economy is growing at an unprecedented rate due to the lowest unemployment rate in state history, higher-than-expected income tax revenues and growing our state’s GDP at a faster rate than the national average while meeting the essential needs of Hoosiers. I have called a special session to return $1 billion to taxpayers because it can’t wait until next year as we all face rising inflation costs. I plan to present a biennium budget that will address more support for our public health system, salary increases for state employees, additional funding in K-12 education and another round of funds dedicated to the READI program to help local communities improve their overall quality of life.

I want to thank state fiscal leaders for their continued fiscal diligence that will benefit Hoosiers for years to come."

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