‘Our economic momentum continues’: Porter comments on January revenue report

State Rep. Gregory W. Porter (D-Indianapolis) issued the following statement regarding the most recent revenue report, which shows a continued economic rebound: 

“The numbers for our January revenue report came in $190.9 million above what was projected in the December 2023 forecast. With the economy humming along stronger than anticipated, I’m more optimistic than I was just a few months ago. We’re seeing job increases and moderating inflation which is a welcome change for our Hoosier families. They’ve experienced significant economic challenges the past couple of years with high interest rates, state tax cuts, and a slowing economy. This report says a lot about the continued sustainability of our economic momentum. If you don’t believe me, believe the numbers.

“So far, collections for SFY 2024 have exceeded the forecasted amount by $436.5 million which is 3.7% above forecast. There are five months left in SFY 2024, and even if another dollar never materialized, we’re already nearly half a billion above the latest estimates for the current fiscal year. Indiana is seeing robust revenue growth, and I’m optimistic that a recession or economic slowdown is a fear of the past. 

“January’s positive report reaffirms House Democrats' call to immediately halt and reverse the nearly $1 billion in budget cuts to the Medicaid program. I said it over the summer, and I’ll say it again: there is no funding crisis for Medicaid and not a penny needs to be cut from the program. Our coffers are full and are growing every day with our continued economic rebound. It’s time we dispense the doom and gloom notion that Medicaid spending is out of control and unsustainable. We’re talking about the health and wellness of Hoosiers and their families. That’s something that deserves our full funding and support. As our economic momentum continues, I hope that the state continues to invest in its people.”