Porter statement on 2023 fiscal closeout
Indiana released the financial results for fiscal year 2023 today. In total, the state charted an additional $150 million in unforecasted revenue, meaning that the state surplus is now $2.926 billion, which is 16.3% of the current year's expenditures. Given that an adequate balance for state reserves is 10-12% of a yearly budget, state reserves are once again above a prudent level and represent a missed opportunity for Hoosiers.
Rep. Gregory W. Porter (D-Indianapolis), ranking Democrat on the House Ways and Means Committee, released the following statement in response to these new numbers:
“State reserves are once again stronger than anticipated. Indiana is flush with cash, yet Statehouse Republicans squandered this year's opportunity to make transformative investments in traditional K-12 public education, mental health and public health. Instead, they chose to give a handout to the state's very top earners in the form of private school vouchers for the wealthy. Improving education and health outcomes is a tide that would lift all boats – meanwhile, Republicans' investment in private school vouchers will lift only a select and limited number of fortunes.”