(INDIANAPOLIS) May 25, 2017 – Indiana has the sixth lowest public tax-supported debt in the nation, according to a national state-by-state analysis of public debt by Moody’s.
The latest Moody’s Investor Service State Debt Medians report shows Indiana public debt equates to $306 per taxpayer—less than 1 percent of taxpayers’ personal income.
“For more than a decade, Indiana’s public and private sector leaders have worked to create a world-class economy by passing balanced budgets, investing wisely, reducing regulatory hurdles, and growing a skilled and ready workforce,” Governor Eric Holcomb said. “This latest report from Moody’s is further confirmation that all Hoosiers benefit from our state’s position as a national leader in fiscal responsibility.”
The report shows Indiana’s debt-service ratio is less than one percent (.8 percent), significantly lower than the rest of the nation and neighboring states like Illinois (8.1 percent), Kentucky (7.7 percent), Ohio (5.6 percent) and Michigan (3 percent).
“A triple-A credit rating and low public debt-service go hand-in-hand,” said Micah Vincent, director of Indiana’s Office of Management and Budget. “We achieve both goals through forethought, innovative financing and vigilance in managing taxpayer dollars.”
The Moody’s report was developed based on an analysis of calendar year 2016 debt issuance and fiscal year 2016 debt service. The report is available online to subscribers.