The State of Indiana is closing out its books with nearly $3 billion in the bank.

State Comptroller Tera Klutz, CPA confirmed today that the State of Indiana closed the 2023 fiscal year with $2.9 billion in state reserves.

“Indiana’s reserves of $2.9 billion are once again within the healthy range of 10-15% of our fiscal year 2024 budget,” said Comptroller Klutz. “We have prudently managed State resources to ensure appropriate reserves are available to weather any economic shifts that may come.”

The State of Indiana began fiscal year 2023 with more than $6 billion in reserve balances. The General Assembly contributed $2.5 billion to the pension stabilization fund and increased the 2023 budget over $3 billion for other one-time expenditures.

In addition, the State collected approximately $21.1 billion in general revenues, which was $25 million (0.1%) more than expected and $133 million (0.6%) less than the State collected in 2022.

The 2022-2023 Fiscal Year Close-Out Statement, ending on June 30, 2023, is prepared by the State Budget Agency.

Click here to view the full report.

You can hear Comptroller Klutz and state budget officials in the Leon-Tailored Audio above.

Thew news conference runs for about 40 minutes.