CHICAGO — Indiana brought in $210 million more than it spent in fiscal 2015, boosting its prized reserve fund to $2.1 billion.
"It should be an encouragement to every Hoosier that after making critical investments in education, in infrastructure and in other priorities, the state of Indiana remains on a sound fiscal foundation," Gov. Mike Pence said in a statement touting the year-end fiscal figures.
The state, which is rated triple-A, collected $15.1 billion in fiscal 2015. It spent $14.9 billion, leaving a surplus of $210.4 million. The general fund reserve balance totaled $887 million at the end of fiscal 2015. The state's reserves now total $2.14 billion, continuing a tradition of saving that began under former Republican Gov. Mitch Daniels.
Critics say the state should spend more on education and infrastructure rather than socking it away. "What continues to stand out about these yearly announcements is the absolute lack of ambition our Republican leadership shows in anything except squirreling your tax dollars away," state Rep. Greg Porter, D-Indianapolis, said in a statement. "There are serious problems facing our state, and yet toss those concerns aside to gloat over a magic figure of $2 billion."
Finance officials forecast that revenue will remain relatively flat at $15.1 billion in fiscal 2016 and climb to $15.6 billion in 2017.
The rainy-day fund balance totals $376.7 million. The state's general fund balance is 1.03 billion and estimated to close down at $887 million in fiscal 2016 and $743 million in fiscal 2017.
