Citing Indiana’s 2018 Fiscal Closeout Report, which highlights the state’s most recent fiscal year, Auditor of State Tera Klutz, CPA, announced Indiana ended Fiscal Year 2018 with nearly $1.8 billion in reserves.
The Fiscal Closeout Report, prepared by the Office of Management and Budget, shows reserves at $1.785 billion or 11.3 percent of General Fund expenditures for the fiscal year ending June 30, 2018.
Klutz
“As the state’s Chief Financial Officer, I am pleased to report the State of Indiana remains financially strong,” Klutz said. “Indiana continues to adapt its spending to meet financial challenges that often occur. By continuing to live within our means and remain fiscally conservative, our state can be proactive rather than reactive when faced with the realities of governing. I want to thank all the State Officials for their diligent work, but I want to remind them, there is still work to be done. We must continue to work harder and smarter to ensure we are delivering services Hoosiers need in the most cost effective manner.”
Klutz added, “Indiana is a leader in fiscal responsibility and, with the recent upgrades to the Indiana Transparency Portal, a leader in financial transparency.”
In June, Auditor Klutz unveiled an upgraded Indiana Transparency Portal where Hoosiers can view in-depth reports on the state’s revenues and expenditures.
Micah Vincent, Office of Management and Budget Director, echoed Klutz in a statement:
“State leaders managed this fiscal year well, allowing Indiana to maintain a balanced budget with healthy reserves and AAA credit ratings,” Vincent said. “It is because of our state’s long-standing fiscal discipline that we are able to withstand challenges this year and meet Hoosiers’ needs. As we head into the next budget session, we must be mindful of financial pressures and maintain our commitment to fiscal health.”
To view the Fiscal Year 2018 Closeout Report, click here.