| $909 MILLION SURPLUS SHOWS SIGNIFICANTLY REDUCED
CASH BALANCE
As of 9:30 A.M. today, the Auditor of State's office officially
closed the State's books for Fiscal Year 2001, as scheduled. The
fiscal year ended on June 30, 2001. The State of Indiana's actual
surplus is $908.7 million. This equals a cash balance reserve
of 8.7% of current year resources (without the Medicaid reserve).
This $908.7 million cash balance is $729 million less than it
was at this time last year and $1.1 billion less than the state
enjoyed at the end of the last biennium in 1999. It should be
noted that this cash balance includes a $100 million Medicaid
reserve, previously accounted for outside of the surplus calculation.
"The more than prudent government surplus that made up
the state's financial cushion is now gone. After taking out the
Rainy Day fund, tuition support and Medicaid reserve, Indiana
is virtually broke," stated Auditor Nass.
June 30, 2001 surplus:
| GENERAL FUND |
$ 18,628,000 |
| RESERVE FOR TUITION SUPPORT |
265,000,000 |
| RAINY DAY FUND |
525,114,000 |
| MEDICAID RESERVE |
100,000,000 |
| |
_____________ |
| TOTAL STATE SURPLUS |
$ 908,742,000 |
Fiscal Year 2001 reversions:
| AGENCY REVERSIONS |
$ 37,332,403 |
| OTHER ACCOUNT REVERSIONS |
63,945,474 |
| |
_____________ |
| TOTAL REVERSIONS |
$ 101,277,877 |
(Reversions represent unexpended budgeted funds and are included
in the General Fund balance.)
The Auditor of State's office keeps the State's financial records
through three functions: (1) the payment system, (2) the payroll
system and (3) the State's general ledger system, which is the
official financial record for all of State government. As a part
of the responsibility of maintaining the general ledger, the Auditor
of State's office annually closes the financial records of the
State.
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