budget surplus

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.

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Local News
12:26 pm
Wed November 21, 2012

Daniels Announces Hoosier Tax Credits

Indiana taxpayers will receive a $111 credit on their state income tax returns next year as the state distributes part of its budget surplus.

Gov. Mitch Daniels announced the credit today.

It will be $222 for couples filing joint returns. The credit represents the automatic taxpayer refund plan that Daniels pushed through the state legislature last year.

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3:34 pm
Thu July 26, 2012

2012 Budget Ends With $45 Million Surplus Thanks to Boost in Income, Sales Taxes

Despite accounting mistakes and unforeseen disaster relief expenses, state government is closing the 2012 budget with another surplus.

Originally, the budgetary surplus was 83 million dollars, now it's almost halved to 45 million dollars.

State Budget Director Mary Lassiter informed lawmakers of the surplus at an interim committee meeting today. And she says the remaining surplus will be put into the legislature’s savings account.

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1:59 pm
Tue July 10, 2012

State Budget Sees Small Surplus

Despite dim outlooks, the Commonwealth of Kentucky has turned a budget surplus for the second year in a row.

The last fiscal year closed with  an additional $83 million  in  the General Fund. The road fund has a $31 million  surplus.

The extra revenue has two potential uses. First, the state can make emergency payments, like putting additional money to cleaning up tornado damage in Eastern Kentucky.

And it can send money to the rainy day fund to help build back  Surpluses that were spent during the recession.