EXTREME HOARDERS: State Surplus Edition
INDIANAPOLIS – Officials in the Indiana State Budget Committee today released an updated revenue report anticipating an additional $1 billion in unexpected funds. The May numbers will have the state surplus totaling $6.1 billion or more by July 1.
State Rep. Gregory W. Porter (D-Indianapolis), ranking Democrat on the Indiana House Ways and Means Committee and State Budget Committee member, attributed the rosy projections to the economic boost provided by federal Democrats and increased individual and corporate tax collections resulting from the Biden administration's economic recovery.
“Today’s report provides a clear look at actual funding availability as legislative leaders and the Governor approach an upcoming budget session to negotiate expenditures and investments for the next two years,” Porter said. “More than enough resources are available to make transformational investments as Hoosiers reel from the crippling burden of the highest inflation rates in 40 years.”
Porter has continually called on Statehouse Republicans to make the people’s money work for them instead of hoarding it in a state surplus. Indiana’s surplus will exceed 30% in SFY 2022, tripling the figure of what most economists believe to be a satisfactory reserve (between 10 and 12%).
“My colleagues across the aisle practice sheepish frugality to build a rainy day fund,” Porter continued. “For most folks, it has been monsooning for some time now. It is time to answer our moral and legal obligation to use taxpayer dollars responsibly while providing real relief to hardworking Hoosiers. Budget leaders need to work in coordination with the Governor to provide relief at the gas pumps, investments in pre-K and traditional k-12 public schools, alleviate student loan debt and address the ailments of an affordable housing crisis.
“House Democrats will remain vigilant this interim and ready to deliver for the Hoosier people as the 2023 Legislative Session approaches.”