State Auditor: Indiana's Surplus is $2 Billion
State Auditor Tim Berry (wibc.com photo: Mike Wilson)
Indiana State Auditor Tim Berry says the state is pulling in some extra money, and spending less.
That's giving the state about $2 billion in reserve with a structural surplus of $500 million. Berry says some of the extra money will go towards strengthening the state's pension system and tax credits.
Berry says the state is bringing in more money while spending less. "Fiscal restraint played the day in Indiana," said Berry. "But in this past fiscal year it is an increase in revenue that is largely the result of why Indiana's strong fiscal balances are where they are."
Berry says the economy overall in the US is disappointing, which makes Indiana's surplus even more impressive. He says he isn't sure what refund taxpayers may get, but says that refund will be reflected in next year's taxes bills.