With just two months left in the current fiscal year, Indiana is on pace for budget reserves that could top $6 billion.

In just the last three months, Indiana brought in $1.2 billion more than lawmakers expected.

Indiana collected far more in taxes last month than even recent rosy projections anticipated, which leaves the state well-positioned heading into the final month of the current fiscal year.

Indiana lawmakers will have about $2 billion more to use in the new state budget after an updated projection of state tax revenues was unveiled Thursday.

The state's largest teachers union says it wants lawmakers to take action on recommendations made by the governor's compensation commission to boost teacher pay.

State budget officials project Indiana will have a $1 billion hole in its budget by the end of the current fiscal year, even with the state's significant financial reserves.

The Schahfer, Michigan City, Petersburg and Rockport coal plants will be fully or partially closed by 2028. Thatll likely mean less tax revenue for things like schools.

The state is covering its shortfall through cuts to state agencies, federal help and its budget reserves -- with $1.4 billion still left in state coffers.

A recent study by Ball State University economists shows local county-level revenues may be down an average of between 2.4 and 6.8 percent this year from 2019.

Officials say they expect a $1.7 billion shortfall this fiscal year (which ends in two weeks) and another roughly $2 billion loss next fiscal year.