Indiana State Auditor Tim Berry says the state is financially stable despite the economy. Today, Berry released his report of the fiscal year that just ended.
He says early recognition of the nation’s economic state led to good decisions from the state’s leadership.
“I think certainly putting the brakes on spending when we did, when we first recognized the downturn in revenue, controlling our expenditures at that point and time has allowed us to continue to remain in the black,” says Berry.
Indiana brought in $957-million less in revenue than was budgeted, but still preserved more than half its reserve funds. Berry says agency spending reductions are largely to be credited.
The Hoosier state now has just over $830-million in the reserve fund.