INDIANAPOLIS, Ind. — Indiana ended Fiscal Year 2016 with a structural surplus of $50 million, the highest level of reserves in state history. Indiana State Auditor Suzanne Crouch says Indiana is a model of fiscal integrity.
The surplus was achieved despite revenues that were lower than budget because of low gas prices. Revenue for the year was about $111.3 million below budget and total state reserves are $2.24 billion, the highest in state history.
Indiana Governor Mike Pence said, “Hoosiers should be encouraged that Indiana’s financial record remains strong and their tax dollars are being used widely.” Crouch’s office says Indiana is one of only 12 states in the nation to hold a AAA credit rating with all three credit rating agencies.
Fiscal year closeout reports can be found here in.gov/sba/2362.htm .