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Indiana ends 2013 budget with improved cash balance

Indiana Gov. Mike Pence, right, announces that revenue's and reserves are higher than projected during a press conference with State Auditor Tim Berry in Indianapolis, Thursday, July 11, 2013. The report shows the state ended fiscal year 2013 with a structural surplus of $483 million, which is $93 million higher than the budget bill projected. (Photo By The Associated Press)
Indiana Gov. Mike Pence, right, announces that revenue's and reserves are higher than projected during a press conference with State Auditor Tim Berry in Indianapolis, Thursday, July 11, 2013. The report shows the state ended fiscal year 2013 with a structural surplus of $483 million, which is $93 million higher than the budget bill projected. (Photo By The Associated Press)
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.The Associated Press
Thursday, July 11, 2013 07:42 am
INDIANAPOLIS— Indiana's budget picture is a little brighter with news the state ended its last fiscal cycle with more money than expected.Gov. Mike Pence on Thursday praised budget closeout numbers showing the state with $93 million in an ongoing surplus and $86 million more than expected in cash reserves.

The majority of the new money will be used to pay off bonds for the Miami Correctional Facility. Pence says the surplus would be better used to pay down debt left to him when he took office.

Lawmakers approved a $30 billion, two-year budget earlier this year with a modest income tax cut sought by Pence. They also approved more funding for roads and education.

House Democratic leader Scott Pelath notes the surplus was built on deep cuts to services.

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