Indiana state government began fiscal year 2013 with a reserve balance totaling $2.15 billion, State Auditor Tim Berry announced Thursday.
During fiscal year 2012, which ended June 30, Indiana received $383 million more revenue than was originally forecasted and spent $275 million less than was anticipated in the budget passed in April 2011, according to a press release.
“While other states are in dire financial condition, Indiana remains a model of fiscal responsibility,” Berry said in the release. “Under the leadership of Governor Mitch Daniels, we have kept our pledge to Hoosiers to be careful stewards of their hard-earned tax dollars.”
Daniels said on July 3 Hoosiers will receive an automatic taxpayer refund in next year’s taxes because of the surplus.
The refund, which will return single filers more than $100 and joint filers a credit of more than $200, is in compliance with state law requiring some of the extra funds be reimbursed to taxpayers.
Because of the reserve balance, $360 million will be distributed through the refund and an equal amount will be used to further strengthen pensions. State agencies also reverted $316 million of their total General Fund budgets.
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