State Auditor Tim Berry today touted Indiana's $2.155 billion reserve as the largest in state history.
Berry gave his annual year-end report at a press conference at the Statehouse. The state will return $360 million of the reserve to taxpayers.
Gov. Mitch Daniels gave a glimpse of the report July 3 when he said Hoosier taxpayers who file a single return can expect to get more than $100, while married couples filing jointly will get more than $200. At the time, Daniels said the state's reserve would be more than $2 billion.
The refund will be a credit on the 2012 tax return filed next year.
Today, Berry said Hoosiers may get slightly "north" of $100. The exact rebate will depend upon how many people file returns.
Berry said an additional $360 million in reserves would be used to further strengthen state pension funds.
He touted improved government efficiencies for the surplus, echoing Daniels' remarks a week ago. In all, state agencies returned $315 million of their General Fund budgets to state coffers.
An accounting miscue also helped bolster the reserves. In December, the state discovered $320 million in uncounted corporate income taxes paid by e-check.
Soon after the report was released, Indiana House Democratic Leader B. Patrick Bauer criticized the Republican administration for building up such a large reserve. Daniels and Berry are both Republicans, and the GOP controls both the Indiana House and the Indiana Senate.
Bauer said spending cuts in public schools and the state’s Department of Child Services, especailly, have hurt Hoosiers.
“I am sure there will be no shortage of officials in state government congratulating themselves for the fact that Indiana has a $2 billion budget surplus," he said. "Since our constitution requires our state to have a balanced budget, I’m not sure why we need to pat ourselves on the back for something we are legally required to do."
This is the second consecutive year Berry has reported a large reserve. A year ago, Indiana had a $1.2 billion cash reserve, triggered by spending cuts and increased revenue from income taxes.
http://www.indystar.com/apps/pbcs.dll/article?AID=2012207120350
The actual year-end charts related to revenues and reversions from the State Budget Agency can be found here:
http://www.in.gov/sba/2592.htm
Berry gave his annual year-end report at a press conference at the Statehouse. The state will return $360 million of the reserve to taxpayers.
Gov. Mitch Daniels gave a glimpse of the report July 3 when he said Hoosier taxpayers who file a single return can expect to get more than $100, while married couples filing jointly will get more than $200. At the time, Daniels said the state's reserve would be more than $2 billion.
The refund will be a credit on the 2012 tax return filed next year.
Today, Berry said Hoosiers may get slightly "north" of $100. The exact rebate will depend upon how many people file returns.
Berry said an additional $360 million in reserves would be used to further strengthen state pension funds.
He touted improved government efficiencies for the surplus, echoing Daniels' remarks a week ago. In all, state agencies returned $315 million of their General Fund budgets to state coffers.
An accounting miscue also helped bolster the reserves. In December, the state discovered $320 million in uncounted corporate income taxes paid by e-check.
Soon after the report was released, Indiana House Democratic Leader B. Patrick Bauer criticized the Republican administration for building up such a large reserve. Daniels and Berry are both Republicans, and the GOP controls both the Indiana House and the Indiana Senate.
Bauer said spending cuts in public schools and the state’s Department of Child Services, especailly, have hurt Hoosiers.
“I am sure there will be no shortage of officials in state government congratulating themselves for the fact that Indiana has a $2 billion budget surplus," he said. "Since our constitution requires our state to have a balanced budget, I’m not sure why we need to pat ourselves on the back for something we are legally required to do."
This is the second consecutive year Berry has reported a large reserve. A year ago, Indiana had a $1.2 billion cash reserve, triggered by spending cuts and increased revenue from income taxes.
http://www.indystar.com/apps/pbcs.dll/article?AID=2012207120350
The actual year-end charts related to revenues and reversions from the State Budget Agency can be found here:
http://www.in.gov/sba/2592.htm
