Indiana closes FY 2024 with nearly $2.6B in state reserves

Wednesday, July 24, 2024 at 11:09 AM

'Indiana’s healthy reserves and standing as the seventh lowest debt per capita state showcases our high level of fiscal responsibility'

The state of Indiana closed fiscal year 2024 with $2.551 billion in state reserves, State Comptroller Elise Nieshalla announced Tuesday alongside Office of Management and Budget Director Cris Johnston and Acting State Budget Director Joseph Habig.

“Thanks to our long-standing conservative stewardship, which includes maintaining a healthy cash reserve between 10-15 percent of budgeted appropriations, Indiana closed out fiscal year 2024 with 11 percent in reserves,” Nieshalla said. “In addition, we experienced a slight increase in income and a solid return on investments further supporting our strong financial position.”

The year-end fiscal report shows Indiana’s reserve of nearly $2.6 billion broken down as follows:

• $665 million General Fund
• $181 million Medicaid Contingency & Reserve
• $672 million Tuition Reserve
• $1.03 billion Rainy Day Fund.

The comptroller’s office coordinates with agencies statewide to complete final transactions for the year and confirm expenditures and revenues are aligned in order to produce the 2023-24 fiscal year close-out statement, which is prepared by the state budget agency.

“In fiscal year 2024, Indiana continued its long practice of sound fiscal management and prudent approach to budgeting,” Habig said. “The results of maintaining an annual surplus and healthy reserve levels ensure that Indiana’s priorities will be funded today and tomorrow.”

Nieshalla commented, “Indiana’s healthy reserves and standing as the seventh lowest debt per capita state showcases our high level of fiscal responsibility especially during a time when our country is facing a national debt crisis. As a lead financial officer for our state, I see the national debt at nearly $35 trillion as the greatest looming threat to Indiana’s robust economy.”

To view the full report, visit https://www.in.gov/sba/budget-information/fiscal-year-close-out-statements/fiscal-year-2023-2024-close-out-statement/.

–Indiana State Comptroller report