State Budget Leaders Announce FY 2024 Closes with nearly $2.6B in State Reserves

Thursday, July 25, 2024 at 12:34 PM

By Office of State Comptroller Elise Nieshalla, news release

Comptroller Nieshalla credits budgeting prowess of Indiana’s fiscal leaders.

Shutterstock photo.

INDIANAPOLIS - The State of Indiana closed fiscal year 2024 with $2.551 billion in state reserves, confirmed State Comptroller Elise Nieshalla today alongside Office of Management and Budget Director Cris Johnston and Acting State Budget Director Joseph Habig.

“Thanks to our long-standing conservative stewardship, which includes maintaining a healthy cash reserve between 10 - 15 percent of budgeted appropriations, Indiana closed out fiscal year 2024 with 11 percent in reserves,” said Comptroller Nieshalla. “In addition, we experienced a slight increase in income and a solid return on investments further supporting our strong financial position.”

The year-end fiscal report shows Indiana’s reserve of nearly $2.6 billion broken down as follows:

$665 million General Fund
$181 million Medicaid Contingency & Reserve
$672 million Tuition Reserve
$1.03 billion Rainy Day Fund

The Comptroller’s Office coordinates with agencies statewide to complete final transactions for the year and confirm expenditures and revenues are aligned in order to produce the 2023-2024 fiscal year close-out statement, which is prepared by the State Budget Agency.

“In fiscal year 2024, Indiana continued its long practice of sound fiscal management and prudent approach to budgeting,” said Acting State Budget Agency Director Joseph Habig. “The results of maintaining an annual surplus and healthy reserve levels ensure that Indiana’s priorities will be funded today and tomorrow.”

Comptroller Nieshalla commented, “Indiana’s healthy reserves and standing as the 7^th lowest debt per capita state showcases our high level of fiscal responsibility especially during a time when our country is facing a national debt crisis. As a lead financial officer for our state, I see the national debt at nearly $35 trillion as the greatest looming threat to Indiana’s robust economy.”