INDIANAPOLIS (AP) – The cash reserves for Indiana's state government grew to more than $2 billion after spending cuts by most state agencies and a reduction in state funding for higher education.

Republican state Auditor Suzanne Crouch released figures Monday showing that state government ended its fiscal year June 30 with a $106 million operating surplus despite a nearly $60 million drop in tax revenues. Those included big declines in the inheritance tax that legislators approved eliminating and casino taxes.

Republican Gov. Mike Pence ordered spending cuts last year, with state universities losing $34 million and the Family and Social Services Administration returning nearly $28 million.

State Senate Democratic leader Tim Lanane faulted Pence for being more worried about the state surplus than improving the well-being of average Hoosiers.