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Fiscal year ended with $532.8 million in savings, the lowest end balance in decade.
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| Contributor | Wabash |
| Last Edited | Wabash Jul 15, 2004 08:56am |
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| Category | News |
| News Date | Thursday, July 15, 2004 06:00:00 AM UTC0:0 |
| Description | Indiana finished the 2004 budget year with $532.8 million in easily tapped savings, but tough choices lie ahead, Gov. Joe Kernan said Monday.
Kernan, a Democrat, has told state agencies to keep their budget requests for 2005-07 tight and to limit requests for construction projects.
That's because in January, when members of the General Assembly come back to start writing the next two-year state spending plan, lawmakers will face an $827 million deficit and a still-shrinking bank account.
The half-billion dollars on hand June 30, when the budget year ended, was the lowest-ending balance within the past decade.
Despite signs of a turnaround in the economy, the state's cash savings are expected to hit a 20-year low of $337.1 million, or 3 percent of tax collections, by late June 2005, according to the State Budget Agency.
That's enough to run state government for about 11 days |
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