Local News
3:22 pm
Thu July 11, 2013

Gov. Pence Touts Indiana Budget Surplus

Indiana Gov. Mike Pence says the state ended its last fiscal cycle with more money than expected.

Pence today praised budget closeout numbers showing the state with $93 million more than projected in an ongoing surplus and $86 million more in cash reserves.

The majority of the new money will be used to pay off bonds for the Miami Correctional Facility in northern Indiana.

Pence says the surplus would be better used to pay down debt left to him when he took office.

Lawmakers approved a $30 billion, two-year budget earlier this year with a modest income tax cut sought by Pence. They also approved more funding for roads and education.

House Democratic leader Scott Pelath contends the surplus was built on deep cuts to services that haven't been fully restored.