Conservative Principles in Action: Indiana Now $1.2 Billion in the Black
Original post made by ConservatismWorks, Amador Estates, on Jul 15, 2011
State Auditor Tim Berry said Indiana finished the fiscal year on June 30 with nearly $1.2 billion in the bank, more than 40 percent above last year's finish, when tax revenues were plunging and budget makers were worried that the state would run out of money this year.
Berry said the rebound happened because of a recovery in tax collections and Gov. Mitch Daniels' success in cutting the budget.
While the state received $1.34 billion less than it had anticipated over a two-year period, it spent $1.52 billion less than it had budgeted for in June 2009.
“Without raising taxes and by carefully watching spending, Indiana state government has continued to live within its means," Berry said. “For those who believe that raising taxes is the only way out of a fiscal crisis, I say take a look at the Hoosier state."
Indiana's financial situation is far better than its neighboring states, particularly Illinois, which implemented massive tax increases to shore up its finances.