INDIANAPOLIS, Ind. (WOWO) – The state of Indiana’s fiscal year ended on June 30, 2020, and the year-end report has been released.
Auditor of the State Tera Klutz, CPA, announced that Indiana ended the fiscal year with $1.4 billion in reserves going into the next fiscal year.
According to the year-end report, the state started this fiscal year with close to $2.3 billion in reserves. The state used around $900 million of the available money to offset the shortage of revenue as a result of the COVID-19 pandemic and the deferral of tax payments from April to July.
Klutz says that she is pleased Indiana has avoided more drastic measures through using available reserves along with the spending cuts that the governor has put in place.
“Our strong reserves have sustained Indiana through the initial surge of the pandemic, and in light of the unexpected economic circumstances, the State is able to continue to offer essential services when our residents need it most,” Klutz said. “Responsible fiscal leadership leaves Indiana with a 9% reserves as we head into a new fiscal year facing more economic uncertainty.”