May 15, 2023

Indiana on pace to collect billions more than needed in budget cycle

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With two months left in the 2023 fiscal year, Indiana has collected nearly $1.9 billion more than the state budget plan expected. - Brandon Smith/IPB News

With two months left in the 2023 fiscal year, Indiana has collected nearly $1.9 billion more than the state budget plan expected.

Brandon Smith/IPB News

Indiana is nearly $2 billion ahead of its current budget after April tax revenues came in well above the expectations of that spending plan.

The state is nearly at the end of its current, two-year budget. And it has collected more revenue than needed for the budget in all 22 months of that cycle.

This fiscal year, Indiana has nearly $1.9 billion more than the budget plan expected.

And state lawmakers have already planned to spend a lot of that money. In the new state budget, HB 1001, approved just a couple weeks ago, Indiana will spend more than $1 billion this fiscal year on previously approved projects that have become more expensive due to supply chain issues and inflation.

READ MORE: 2023 legislative session was all about the money, from health care to housing to education

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Those include state prison upgrades, a new state archives building and a new, combined campus for the Indiana School for the Deaf and the Indiana School for the Blind and Visually Impaired.

The state will also spend $700 million with money collected this fiscal year to help pay down debt in a teacher pension fund.

Brandon is our Statehouse bureau chief. Contact him at bsmith@ipbs.org or follow him on Twitter at @brandonjsmith5.

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