Indiana Reports Year-End Results for Fiscal Year 2023

State Comptroller Tera Klutz Thursday confirmed that the State of Indiana closed the 2023 fiscal year with $2.9 billion in state reserves, a news release said. Klutz said it’s again within the healthy range of 10-15% of the fiscal year 2024 budget and the state began fiscal year 2023 with more than $6 billion in reserve balances. 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. “I commend our fiscal leaders who have ensured the state can meet the needs of Hoosiers, pay down debt while maintaining a healthy reserve,” said Governor Eric Holcomb in a statement on the 2023 State Fiscal Year Close-Out. “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,” Holcomb said. Here is a link to view the full report.