STATEHOUSE – “The newest state budget makes significant progress in paying down debt while also investing in proven programs and services that support all Hoosiers. Our fiscally responsible policies, on top of our booming economy, will help pave the way for us to make future tax cuts and reforms. This tax refund is great news for taxpayers and it’s my goal to see that they keep more of their hard-earned money moving forward.” said Chris May Indiana State Representative District 65.
State Auditor Tera Klutz, CPA announced today that Indiana closed 2021 the fiscal year with reserves of $3.9 billion.
“Indiana once again exceeded expectations and soared through the recession with one of the fastest recoveries on record to end with a cash reserve of $3.9 billion at the end of June,” said Auditor Klutz. “Indiana is poised to make an excess reserve transfer of $1.1 billion, which will be split between retirement funding and a refundable income tax credit for Hoosier taxpayers.”said Klutz
The annual report, prepared by the State Budget Agency, highlights the state’s fiscal year ending on June 30, 2021.
Auditor Klutz credits strong fiscal leadership and teamwork for how Indiana was able to financially navigate through the national pandemic and economic uncertainty while ensuring a reasonable state reserve.
“Indiana’s economic future and fiscal responsibility are directly linked. Maintaining sustainable finances creates a better, stronger, more prosperous Hoosier state for the next generation,”added Auditor Klutz.
