INDIANAPOLIS — Indiana ended the 2023 fiscal year with $2.9 billion in state reserve accounts.
“Indiana’s reserves of $2.9 billion are once again within the healthy range of 10 to 15 percent of our fiscal year 2024 budget,” Comptroller Klutz said. “We have prudently managed state resources to ensure appropriate reserves are available to weather any economic shifts that may come."
Indiana began the fiscal year with $6 billion in reserves. The General Assembly contributed $2.5 billion to the pension stabilization fund and increased the 2023 budget over $3 billion for other one-time expenditures.
“Indiana’s strong fiscal leadership continues to serve all Hoosier residents and businesses well,” Klutz said. “We have just completed another very productive year with taxpayer refunds and historic investments in education, public safety, infrastructure and economic development.”
According to Klutz, the state collected $21 billion in revenue, which was $25 million more than expected and $133 million less than the State collected in 2022.
“Gov. Holcomb and the General Assembly have made substantial investments in critical areas such as public health, education and workforce while paying our long-term obligations,” Office of Management and Budget Director Cris Johnston said. “We continue to maintain a reputation of being a fiscally minded state that meets the needs of all Hoosiers.”
Gov. Holcomb released the following statement regarding the 2023 state fiscal year close-out:
I commend our fiscal leaders who have ensured the state can meet the needs of Hoosiers, pay down debt while maintaining a healthy reserve. Because of their diligence and the state’s continued growth, we are able to make historic investments in K12 education, fund transformational changes to the way public health is delivered and dedicate an additional $500 million to the READI program which will elevate Indiana’s quality of life from Steuben to Posey County and every community in between.
