INDIANAPOLIS – The State of Indiana closed fiscal year 2024 with $2.551 billion in state reserves, confirmed State Comptroller Elise Nieshalla on Tuesday.
“Thanks to our long-standing conservative stewardship, which includes maintaining a healthy cash reserve between 10-15% of budgeted appropriations, Indiana closed out the fiscal year 2024 with 11% in reserves,” said Nieshalla. “In addition, we experienced a slight increase in income and a solid return on investments further supporting our strong financial position.”
The Comptroller’s Office coordinates with agencies statewide to complete final transactions for the year and confirm expenditures and revenues are aligned to produce the 2023-2024 fiscal year close-out statement. The State Budget Agency prepares the final statement.
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
Comptroller Nieshalla commented, “Indiana’s healthy reserves and standing as the 7th lowest debt per capita state showcases our high level of fiscal responsibility, especially when our country faces 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.”
Click here to view the full report.
