Pence announces larger state budget surplus than expected
Indiana is strong and growing stronger. That is how Governor Mike Pence describes the state's fiscal position as it closes out fiscal year 2013.
The state's bottom line shows $483 million in the black. That is $93 million more than the budget bill projected. That puts Indiana's reserves at $1.94 billion.
The governor announced that he was allotting $66 million of that to pay off state debt for the Miami Correctional Facility.
"Since resources are higher than expected, revenues higher than expected when budget was passed. It thought the best decision in the long term was to use those resources that would have taken us above the cap and use those to pay down debt. Again, that would save us about $27 million in interest payments," said Pence.
Any money above the cap level this year would have gone to pay down pensions. Next year, if the cap is exceeded, that revenue would trigger a taxpayer refund.