Monday, May 26, 2008

Indiana's state budget health (vs. KY's)

In stark contrast to Kentucky's startling budget woes-- and in the context of a weak economy-- Indiana's state govt finances are looking remarkably good.

From the AP's Mike Smith in the C-J...

The state will pay off a remaining $212 million owed to local governments by the end of this month, a year ahead of schedule, Gov. Mitch Daniels said yesterday.

Daniels said that tax collections in March and April were strong and that he was confident that the state would end the fiscal year on June 30 with a fourth consecutive budget surplus.

The most recent monthly revenue report, for April, showed that revenues for this fiscal year to date exceed that forecast by $133 million.

Meanwhile, spending is being held below the level lawmakers set in the current budget. Daniels said the combination means the state can accelerate the final repayment of debts owed to local governments....


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