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Indiana closes fiscal year with $500M more in reserves than last year

(Photo Supplied/Ohio News Service)

INDIANAPOLIS (AP) — Indiana’s state government cash reserves grew faster than expected over the past year to nearly $2.3 billion, with the governor now proposing to spend some of that money on several planned construction projects.

State budget officials announced Thursday that Indiana closed the 2019 fiscal year ending June 30 with almost $500 million more in reserves than a year ago. Much of that is attributed to a 5.4% increase in state tax revenue from last year.

Republican Gov. Eric Holcomb is recommending that $300 million go toward projects including upgrades to U.S. 31 in northern Indiana. Holcomb aides say that would avoid possibly $100 million in interest costs for the work.

Democrats fault Holcomb and the GOP-dominated Legislature for valuing the surplus more than meeting needs across the state.

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