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.	
															
1975-1976	131.0 	  100.0     221.6       0.0 	   452.6 	1,705.8	      26.53%	
1976-1977	116.4 	  120.0     235.1 	0.0 	   471.5 	2,062.0	      22.87%	
1977-1978	218.4 	  120.0     279.6 	0.0 	   618.0 	2,258.9	      27.36%	
1978-1979	332.7 	  120.0     290.6 	0.0 	   743.3 	2,549.1	      29.16%	
1979-1980	216.7 	  120.0     295.7 	0.0 	   632.4 	2,437.9	      25.94%	
1980-1981(1)	30.0 	  120.0     172.6 	0.0 	   322.6 	2,521.8	      12.79%	
1981-1982	0.3 	  120.0     34.3 	0.0 	   154.6 	2,743.7	      5.63%	
1982-1983(2)	60.4 	  120.0     0.0 	0.0 	   180.4 	2,823.5	      6.39%	
1983-1984	102.3 	  120.0     0.0 	0.0 	   222.3 	3,612.8	      6.15%	
1984-1985	55.0 	  120.0     0.0 	145.1 	   320.1 	3,948.1	      8.11%	
1985-1986	39.4 	  120.0     0.0 	153.8 	   313.2 	4,027.3	      7.78%	
1986-1987	101.1 	  120.0     0.0 	164.5 	   385.6 	4,319.6	      8.93%	
1987-1988(3)	243.2 	  120.0     0.0 	213.8 	   577.0 	4,805.0	      12.01%	
1988-1989	424.6 	  135.0     0.0 	265.4 	   825.0 	5,263.3	      15.67%	
1989-1990	372.2 	  144.0     0.0 	318.0 	   834.2 	5,491.3	      15.19%	
1990-1991	109.4 	  155.0     0.0 	323.0 	   587.4 	5,560.6	      10.56%	
1991-1992	138.9 	  165.0     0.0 	328.6 	   632.5 	5,784.5	      10.93%	
1992-1993	9.7 	  180.0     0.0 	300.6 	   490.3 	6,098.6	      8.04%	
1993-1994	90.0 	  190.0     0.0 	370.3 	   650.3 	6,720.1	      9.68%	
1994-1995	679.3 	  200.0     0.0 	419.3 	   1,298.6	7,277.0	      17.85%	
1995-1996	1,024.8	  215.0     0.0 	439.5 	   1,679.3	7,569.8	      22.18%	
1996-1997	1,138.2	  240.0     0.0 	466.1 	   1,844.3	7,937.8	      23.23%	
1997-1998	1,319.3	  240.0     0.0 	496.1 	   2,055.4	8,481.9	      24.23%	
1998-1999	1,211.1	  255.0     0.0 	524.7 	   1,990.8	8,940.7	      22.27%	
1999-2000(4)	810.3 	  270.0     0.0 	535.1 	   1,615.4	9,158.9	      17.64%	
2000-2001(4)	401.0 	  270.0     0.0 	559.7 	   1,230.7	9,631.1	      12.78%	
														
															
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.