INDIANAPOLIS (WISH) — Gov. Mike Pence says the stateâ€™s 2013 FY Closeout Report shows Indianaâ€™s revenues and reserves are higher than projected.
According to the report, the structural surplus is $483 million; $93 million higher than projected. Reserves are $86 million higher than projected, at more than $1.94 billion.
The total growth revenue for 2013 is $92 million above the projected amount and $337 million higher than revenue collected in 2012.
The state also paid off $282 million in debt â€“ a 52 percent reduction. Pence said the state will lower debts by an additional $66 million; reducing state spending by $27 million in the next two years.