A History of State Operating and Reserve Fund Balances															
                     Compared to the Operating Revenue Stream															
                               (Millions of Dollars)															
															
State														Balance	
Fiscal 		General		Tuition		Prop Tax	Rainy	       Total		Operating	as % of	
Year   		Fund		Reserve		Repl Fund	Day Fund       Balances		Revenue(5)      Oper. Rev.	
															
1975-76		131.0 		100.0 		221.6 		  0.0 		452.6 		1,705.8 	26.53%	
1976-77		116.4 		120.0 		235.1 		  0.0 		471.5 		2,062.0 	22.87%	
1977-78		218.4 		120.0 		279.6 		  0.0 		618.0 		2,258.9 	27.36%	
1978-79		332.7 		120.0 		290.6 		  0.0 		743.3 		2,549.1 	29.16%	
1979-80		216.7 		120.0 		295.7 		  0.0 		632.4 		2,437.9 	25.94%	
1980-81	(1)	 30.0 		120.0 		172.6 		  0.0 		322.6 		2,521.8 	12.79%	
1981-82		  0.3 		120.0 		 34.3 		  0.0 		154.6 		2,743.7 	 5.63%	
1982-83	(2)	 60.4 		120.0 		  0.0 		  0.0 		180.4 		2,823.5 	 6.39%	
1983-84		102.3 		120.0 		  0.0 		  0.0 		222.3 		3,612.8 	 6.15%	
1984-85		 55.0 		120.0 		  0.0 		145.1 		320.1 		3,948.1 	 8.11%	
1985-86		 39.4 		120.0 		  0.0 		153.8 		313.2 		4,027.3 	 7.78%	
1986-87		101.1 		120.0 		  0.0 		164.5 		385.6 		4,319.6 	 8.93%	
1987-88	(3)	243.2 		120.0 		  0.0 		213.8 		577.0 		4,805.0 	12.01%	
1988-89		424.6 		135.0 		  0.0 		265.4 		825.0 		5,263.3 	15.67%	
1989-90		372.2 		144.0 		  0.0 		318.0 		834.2 		5,491.3 	15.19%	
1990-91		109.4 		155.0 		  0.0 		323.0 		587.4 		5,560.6 	10.56%	
1991-92		138.9 		165.0 		  0.0 		328.6 		632.5 		5,784.5 	10.93%	
1992-93		  9.7 		180.0 		  0.0 		300.6 		490.3 		6,098.6 	 8.04%	
1993-94		 90.0 		190.0 		  0.0 		370.3 		650.3 		6,720.1 	 9.68%	
1994-95		679.3 		200.0 		  0.0 		419.3 	      1,298.6 		7,277.0 	17.85%	
1995-96	      1,024.8		215.0 		  0.0 		439.5 	      1,679.3 		7,569.8 	22.18%	
1996-97	      1,138.2		240.0 		  0.0 		466.1 	      1,844.3 		7,937.8 	23.23%	
1997-98	      1,319.3		240.0 		  0.0 		496.1 	      2,055.4 		8,481.9 	24.23%	
1998-99	(4)   1,146.5		255.0 		  0.0 		510.5 	      1,912.0 		8,707.2 	21.96%	
																													
Notes:  (1)Income tax rate was reduced from 2.0% to 1.9% effective January 1, 1980.													
	(2)Income tax rate was increased from 1.9% to 3.0%, and the Sales tax rate													
	   was increased from 4% to 5% effective January 1, 1983.													
	(3)Income tax rate was increased from 3.0% to 3.4% effective July 1, 1987.													
	(4)Estimated by the Indiana State Budget Agency.													
	(5)Operating Revenues are the total of General Fund and PTR Fund revenues													
	   including lottery and DSH revenues transferred to the General Fund.