$522 million surplus in State's General Fund
and Property Tax Replacement Fund
INDIANAPOLIS – Today, the Auditor of State’s office
officially closed the State’s books for Fiscal
Year 2002. Indiana government’s fiscal year
ended June 30, 2002. The State’s actual General
and Property Tax Replacement Fund Surplus figure is
$522,005,889.
This $522 million balance is nearly $387 million
less than the surplus at the end of fiscal year 2001,
which was $908,742,364. The Fiscal Year 2001 surplus
statement included, for the first time, a separate
Medicaid Reserve entry of $100 million. At the end
of this fiscal year, the State Budget Agency transferred
that reserve into the General Fund. In addition, $230,624,263
was transferred by law from the Rainy Day Fund to
the General Fund in order to prevent a negative year-end
balance in the General Fund.
“The nearly $400 million in transfers to the
General Fund authorized by the State Board of Finance
earlier this year ensured that Indiana enters Fiscal
Year 2003 with at least some reserve in the Rainy
Day Fund,” stated Auditor Nass.
| FY 2001 and 2002 General and Property Tax Replacement Fund Surpluses, Compared |
| |
FY2001 |
FY2002 |
Difference |
| GENERAL FUND |
$ 18,627,951 |
$ 0 |
$ ( 18,627,951) |
| RESERVE FOR TUITION SUPPORT |
265,000,000 |
265,000,000 |
0 |
| RAINY DAY FUND |
525,114,413 |
257,005,889 |
( 268,108,524) |
| MEDICAID RESERVE |
100,000,000 |
0 |
( 100,000,000) |
| TOTAL STATE SURPLUS |
$908,742,364 |
$522,005,889 |
( 386,736,475) |
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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