State Closes Out Fiscal Year with Nearly $2.6 Billion in Reserves

State Closes Out Fiscal Year with Nearly $2.6 Billion in Reserves

The State of Indiana closed out the 2024 fiscal year with nearly $2.6 billion in cash reserves. The state attributes the increase mostly to sales and income taxes. When asked if the state was taxing Hoosiers too much, OMB Director Chris Johnston said the state had been cutting income taxes over the last few years. You can hear Johnston, as well as Comptroller Elise Nieshalla and State Budget Director joe Habig in the Leon-Tailored Audio above. I…