INDIANAPOLIS – As of 1:00 p.m. Monday, Auditor of State
Connie Nass' office officially closed Indiana State Government's
books for Fiscal Year 2006 (July 1, 2005 through June 30, 2006),
as scheduled. Indiana State Government had a $1,089,370 Surplus
on June 30, 2006. Indiana 's $1 billion Surplus was $339.6 million
more than reported at the end of Fiscal Year 2005. However,
as with other recent years, this $1 billion Surplus is not the
bottom line.
The True Surplus, i.e., the Surplus minus payment delays and
loans, as of June 30, 2006, was $417.3 million. Payments to
schools and local governments while having been delayed the
past five years, have now been reduced to $622 million. In addition,
the state still carries a $50 million dollar loan to the General
Fund from the Public Deposit Insurance Fund. But the 2006 fiscal
year marked the first closing in three years when the True Surplus
is positive, and the True Surplus is the largest it has been
in five years.
Auditor of State Connie Nass remarked, “I wouldn’t
have thought it possible to come this far in just one year.
But when state government operates under a budget that is within
its means and through an executive that uses fiscal common sense,
good things happen.”
More details on the closing of the books for FY 2006 are available
in Auditor Nass' Report to Indiana Citizens on the State's Finances.
It will be released later this week and will be available online
at www.in.gov/auditor.
FY 2005 & 2006 General Fund and Property
Tax Replacement Fund Surplus
|
FY 2005 |
FY 2006 |
Difference FY 05 to 06 |
| Calculated Surplus (General Fund) |
118,757,775 |
410,731,115 |
291,973,340 |
| Reserve for Tuition Support |
290,500,000 |
316,552,729 |
26,052,729 |
| Rainy Day Fund |
316,474,803 |
328,085,919 |
11,611,116 |
| Medicaid Reserve |
24,000,000 |
34,000,000 |
10,000,000 |
| Total State Surplus |
749,732,578 |
1,089,369,763 |
339,637,185 |
| Payment Delays |
(726,793,504) |
(622,030,657) |
104,762,847 |
| Loan payable to PDIF (by statute) |
(50,000,000) |
(50,000,000) |
0 |
| “True Surplus” |
(27,060,926) |
417,339,106 |
444,400,032 |
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.
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