Indiana Has Budget Surplus for 2015

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Numbers are in and Indiana government had a budget surplus from their 2015 government budget. Numbers courtesy of NWI.com:

Indiana spent $210.4 million less than it took in during the 2015 budget year that ended June 30, growing the state’s reserve funds to a near-record $2.14 billion. 

Data released Thursday by Republican State Auditor Suzanne Crouch show Indiana collected $15.145 billion in tax and fee revenue between July 1, 2014 and June 30.

State appropriations and additional unbudgeted spending totaled $15.184 billion — a deficit of $39 million.

However, the budget year ended with a 2.72 percent surplus because Pence directed most state agencies to hold back and revert up to 4.5 percent of their appropriations, reducing spending by $133.3 million.

Indiana also was not forced to spend the $115.4 million annually required to be set aside to backstop sales tax-supported borrowing for Indianapolis’ Lucas Oil Stadium and the Indiana Convention Center.

Pence did say that if 2016 is healthy in revenue, he would pay off the remaining loan to the federal government over unemployment insurance which Hoosier Econ documented here back on May 18th.

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