Porter comments on ending around forecast, fiscal closeout report

Indiana released its 2024 Fiscal Closeout report on Tuesday, July 23. The state ends the fiscal year about $15 million below forecast – 0.1% off target of the original $21.5 billion estimate. Rep. Gregory W. Porter (D-Indianapolis), a member of the State Budget Committee and Ranking Democrat on the Indiana House Ways and Means Committee, made the following statement:

“From a fiscal perspective, being 0.1% to 0.2% below forecast means we hit our estimate on the dot. We’ve gotten used to exceeding the forecast, but this is a positive sign. It shows that we’re perfecting our fiscal estimates and entering a period of lasting revenue stability after COVID-19 caused unprecedented fluctuation. Our economy is still strong with unemployment low and a marked downturn in our inflation rate. 

“As we enter the 2025 budget session, we need to start thinking about how we keep these positive trends alive. It’ll be difficult to craft the next budget since the GOP's increased charter and voucher spending and tax cuts are outstripping Indiana's revenue growth. 

“We’ll only have an estimated $844 million for new programs and expansions, which is not enough. Our spending in the 2023 budget for new programs and expansions was over $1 billion. I encourage my colleagues across the aisle to consider the growing mismatch between our revenue and spending priorities. We can’t continue underfunding our social programs. We’re already the second-worst state for quality of life.  

“Thankfully, we met our expectations for the 2024 state budget closeout and have a $2.5 billion combined surplus including $102 million in reversions. I look forward to creating the 2025 budget with fiscal responsibility and respect for safety nets like Medicaid and the public schools that educate over 90% of Hoosier kids.”