Over the past few years, Indiana has been a national leader in fiscal discipline. Auditor of State Tera Klutz recently provided more good news, announcing the state ended Fiscal Year 2017 with a $42 million surplus and nearly $1.8 billion in reserves.
These funds are an important component of protecting taxpayers. Instead of raising taxes to fund state government services if the economy were to take a turn for the worse, with our healthy reserves in place, Indiana will be able to weather the storm and continue to fund necessary government services like education and Medicaid while the economy recovers.
These numbers also demonstrate Indiana’s budgetary discipline. Every two years, the Indiana General Assembly passes a balanced budget. Just like households across the state work hard to spend less than they take in while saving for the future, Indiana makes adjustments if revenues and expenditures do not go according to plan, ensuring we live within our means and keep our state on the right track.
Based on our fiscal state, Hoosier taxpayers can rest assured that lawmakers take Indiana’s finances seriously and work hard to ensure money is managed wisely.
Earlier this year, U.S. News and World Report named Indiana’s government the best in the nation based on our budget transparency, fiscal stability, state integrity and government digitalization. While Indiana has succeeded financially, we have also proved successful economically.
Indiana’s unemployment rate in June was the lowest it has been since October 2000. At just 3 percent, we continue to outrank our neighboring states, with Michigan at 3.8 percent, Illinois at 4.7 percent, Ohio at 5 percent and Kentucky at 5.1 percent. Indiana also remains well below the 4.4 percent national average.
Since last year alone, Indiana’s unemployment rate has fallen 1.5 percent, making it the second-largest decrease in the United States.
These recent developments are great news for our state. With the number of employed Hoosiers on the rise, I am confident our economy will continue to thrive and grow.
As always, I welcome your input on these topics and others. My office can be reached at 800-382-9467 or by email at Senator.Long@iga.in.gov
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