(INDIANAPOLIS, IN) - The state of Indiana has ended the 2021-22 fiscal year with $6.1 billion in reserves.
The amount is greater than anticipated, considering the pandemic's negative financial impact on many states. In response, Governor Eric Holcomb offered these thoughts today.
"Indiana’s economy is growing at an unprecedented rate due to the lowest unemployment rate in state history, higher-than-expected income tax revenues, and growing our state’s GDP at a faster rate than the national average while meeting the essential needs of Hoosiers.
I have called a special session to return $1 billion to taxpayers because it can’t wait until next year as we all face rising inflation costs.
I plan to present a biennium budget that will address more support for our public health system, salary increases for state employees, additional funding in K-12 education, and another round of funds dedicated to the READI program to help local communities improve their overall quality of life.”
Holcomb also thanked state fiscal leaders for guiding the state to a cash reserve three times greater than it was a few years ago.