INDIANAPOLIS As of 1:00 p.m. yesterday, Auditor of State Connie Nass' office officially closed Indiana State Government's books for Fiscal Year 2005 (July 1, 2004 through June 30, 2005), as scheduled. Indiana State Government had a $749,732,578.18 Surplus on June 30, 2005. Indiana 's $750 million Surplus was $244.5 million more than reported at the end of Fiscal Year 2004, and $1.241 billion less than the 1999 Surplus of $1.991 billion. However, the $750 million Surplus is not the bottom line.
The True Surplus, i.e., the Surplus minus payment delays and loans, as of June 30, 2005, was negative $27 million. Payments to schools and local governments totaling $727 million were delayed into the next fiscal year for the fourth consecutive year, and the state still cariies a $50 million loan to the General Fund from the Public Deposit Insurance Fund. This marks the second year in a row the True Surplus is negative, although it is nearly $230 million greater than the prior year.
Auditor of State Connie Nass remarked, This isn't a home run by any stretch, but we do have runners on base and they are advancing. She added, Indiana government's True Surplus was in better shape than the year before for the first time since 1999.
More details on the closing of the books for FY 2005 are available in Auditor Nass' Report to Indiana Citizens on the State's Finances, released today and available online at www.in.gov/auditor .
The Auditor of State maintains the centralized accounting records of Indiana State Government (Indiana Code 4-13-2-7). The records are kept through three main functions: (1) the payment system, (2) the payroll system, and (3) the general ledger, which is the official financial record for all of state government. As part of this responsibility, Auditor Nass' office annually closes the financial records of the State.
