Indiana ends fiscal year with record $2.24B reserve fund

INDIANAPOLIS (AP) – Indiana ended the 2016 budget year with a record high reserve fund of $2.24 billion.

A report shows that the state ended the fiscal year June 30 with a surplus of $50.6 million, despite missing its forecast for revenue growth by $111.3 million. State officials say the primary reason for the surplus was low gas prices.

Data released by the auditor’s office shows Indiana collected $15.04 billion in taxes and other revenue. That’s less than the $15.22 billion appropriated by the Republican-controlled General Assembly. But state agencies held back $250.8 million in planned spending, so Indiana expenditures totaled $14.99 billion.

During the 2017 budget year, the state is poised to spend $427.9 million from its reserve fund on state and local road and bridge preservation projects.