Porter statement on Indiana’s May revenue report
INDIANAPOLIS – Federal Democrats' widespread vaccine distribution efforts and federal coronavirus relief money have set Indiana on a path toward a quicker-than-expected recovery. Indiana State Budget Agency officials released yet another rosy forecast projecting May revenues exceeded its monthly target by approximately $500 million, or 38 percent. State Representative Gregory W. Porter (D-Indianapolis), ranking Democrat on the Indiana House Ways and Means Committee, today released the following statement after reviewing the report:
“Thanks to the combined efforts of all economically engaged Hoosiers and federal Democrats for the passage of the American Rescue Plan Act of 2021, the Hoosier State is experiencing unprecedented revenue growth that will hopefully continue for years to come,” Porter said. “The fiscal status of the state itself has only continued to prosper despite the economic and health challenges of COVID-19. Unfortunately, not every Hoosier and Main Street small business can say the same.”
Porter has continually called upon the Governor and Republican supermajority to do something more impactful with the infusion of unexpected high revenue collections and federal stimulus dollars. The Indiana House Ways and Means Ranking Minority Member has referred to the Indiana GOP's frugality in the midst of plenty as “an embarrassment of riches.”
“Another half a billion dollars could remain hoarded in a bloated state surplus if my colleagues across the aisle do not take the opportunity to thoughtfully invest these taxpayer dollars back into our communities,” Porter said. “A decade of 'small investment' and 'small government' policy is leaving our state 'too small' to work for everyone.
“I am imploring my colleagues to take any of the $500 million that exceeds the SFY 2021 forecast into a temporary holding account in the Indiana Treasurer of State's office, along with the $200 million in tuition support money soon to be reverted to the General Fund. When the Indiana General Assembly reconvenes for a special redistricting session in the fall, an opportunity will present itself for legislators to allocate this newfound money in a bipartisan way that benefits all of our constituents.”