They "brought in" $957 million less than they spent. Looks like they managed to balance the books in the end, but the trend of spending has to stop and reverse, if Indiana isn't going to go the way of Illinois. The legislators have to get their act together and take a machete to any future budgets. They're also going to have to halt chopping at education, since it is constitutionally mandated in Indiana. They'd best make up their minds where they want this state to go, since the economy isn't going to get a whole lot better any time soon. Tax revenues are going to continue to plummet for the foreseeable future. It's way past the time that the downsizing began.
via Indy Star
via Indy Star
Indiana has brought in $957 million less in revenue for fiscal year 2010 than
lawmakers budgeted for, State Auditor Tim Berry announced this morning in
closing the state's books for the year.To make ends meet, state officials made $669 million in spending cuts and
reduced reserves from $1.3 billion to $830 million.
Berry and state budget officials will also detail how much of the state's $1.3 billion surplus has been spent to date to cover revenue shortfalls and how much of the losses have been covered in spending cuts. Gov. Mitch Daniels and state lawmakers have projected that the state's savings would last through the end of the current budget cycle which ends June 30, 2011.