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Indiana ends 2013 budget with improved cash balance

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 This material may not be published, broadcast, rewritten or redistributed.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 - 7:43 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.