Indiana Auditor Tim Berry says the state took in five percent less revenue than was anticipated for the two year budget period that ended June 30, but still managed to finish with reserve fund of nearly $1.2 billion.
Berry unveiled the latest numbers today. He says spending cuts across state agencies allowed Indiana to replenish its fiscal safety net without a tax increase.
Governor Mitch Daniels says while the state’s economy is improving, it’s still too early to begin restoring many of the cuts imposed when revenues lagged at the height of the recession.
Indiana lawmakers approved a measure this year that automatically returns any state surplus above ten percent to taxpayers.