Indianapolis—Governor Mike Pence joined State Auditor Suzanne Crouch today to discuss the State’s fiscal condition following the close of Fiscal Year 2015 (FY 2015). They released the State’s 2015 Closeout Report, which highlights Indiana’s accomplishments in the last two years under the 2013 biennial budget and demonstrates Indiana’s sound fiscal health.
The report shows the State ended FY 2015 with a structural surplus of $210 million, despite revenue shortfalls. Reserves are the second highest ever in Indiana, at more than $2.14 billion. Indiana’s total revenue growth in FY 2015 is $274 million above the most recent, downward revised forecast and $496 million above actual revenue collected in FY 2014.
“We’ve closed the books on our fiscal year and the results are encouraging,” said Governor Pence. “Over the last two years, we invested in Hoosier priorities while living within our means. From increases in funding for infrastructure, child protection, and education to enacting the largest state tax cut in Indiana history, we put Hoosiers and their families first. In the coming years, we remain optimistic and will work tirelessly to ensure both that the needs of Hoosiers are met and Indiana remains the fiscal envy of the nation.”
The Governor’s first budget in 2013 included fiscal years 2014 and 2015. Among accomplishments during that time, the State enacted the largest state tax cut in Indiana history, invested $420 million each year in new road and infrastructure projects, set aside $10 million for the first-ever state-funded pre-K program in Indiana and another $10 million for adoption subsidies for parents who faced financial challenges meeting the needs of their adopted children. In addition, without spending any money from General Fund Tax Revenue, Indiana launched Healthy Indiana Plan (HIP) 2.0 and has enrolled nearly 290,000 Hoosiers in this market-based, consumer-driven health care plan.
Indiana remains fiscally strong and is one of only eleven states in the nation to maintain a triple-A credit rating with all three major credit rating agencies. The state also further strengthened its fiscal position by saving $13 million in debt service payments in FY 2015 by paying off debt for the Miami Correctional facility.
“Governor Pence and I are able to tout this positive news because of the hard-working Hoosiers who contribute to our State at every level,” Auditor Suzanne Crouch said. “Taxpayers grant elected officials a great deal of trust, and we at the Statehouse take that trust seriously. The mission of the Auditor’s Office is to ensure that each tax dollar is accounted for and spent prudently and conservatively in order to best serve all the citizens of Indiana.”
The Governor signed into law the biennial budget for fiscal years 2016-2017 on May 7 of this year. The budget is honestly balanced, holds the line on spending, reduces state debt and maintains reserves while also making historic investments in education, innovation and reform.
The FY 2015 Closeout Report is available at http://www.in.gov/sba/2657.htm. FY 15 Closeout infographics can be found attached.