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Indiana state budget (2008-2009)
| Note: This article was last updated in 2009. Click here for more recent information on state budgets and finances. |
Indiana faced a $763 million deficit for fiscal years 2009 to 2011. The state budget committee projected that Indiana would spend $13.305 billion while taking in $12.542 billion in revenue.[1]
Finalized budget
In early July 2009, the Indiana General Assembly passed a two-year state budget.[2]
The Democratic House voted 62-37 and the Republican Senate voted 34-16 to approve the $27.8 billion budget.[2] The final budget was approved without touching the billion dollar surplus in the rainy day fund.[3]
Budget background
- See also: Indiana state budget and finances
Indiana has a biennial budget, meaning that each budget includes two fiscal years. The budget process, therefore, begins on even-numbered years. Each state agency submits requests for the next two years to the governor. State revenue forecasts are made annually in December, prior to the convening of legislative sessions, and again in April, prior to final legislative approval and enactment of appropriations.[4]
The revenue forecasts are prepared by the Indiana Economic Forum and the Revenue Forecast Technical Committee. After reviewing both the revenue forecasts and agency requests, the governor submits his recommended budget to the legislature, where the bill passes through the House and then the Senate for adjustments and approval. After the budget bill has been adopted by both chambers, it goes to the governor for signature or veto. The governor must sign the bill or veto it in its entirety. A gubernatorial veto may be overridden by a majority vote in both the House and Senate.[4]
Budget figures
The following table provides a history of Indiana's expenditures and gross domestic product (GDP).
| Fiscal year | Expenditures (billions) | GDP (billions) |
|---|---|---|
| 2000 | $31.2[5] | $194.4[5] |
| 2001 | $33.8[5] | $195.2[5] |
| 2002 | $36.3[5] | $205.0[5] |
| 2003 | $37.8[5] | $215.4[5] |
| 2004 | $39.3[5] | $228.3[5] |
| 2005 | $42.0[5] | $232.8[5] |
| 2006 | $44.0[5] | $238.7[5] |
| 2007 | $46.1[5] | $246.4[5] |
| 2008 | $48.2[5] | $254.4[5] |
| 2009 | $50.5*[5] | $262.7*[5] |
- NOTE: The figures for FY 2009 had not been finalized at the time this data was compiled.
See also
- Indiana government sector lobbying
- Indiana state budget and finances
Footnotes
- ↑ Business First: "Hoosiers join in budget slashing," Dec 11, 2008
- ↑ 2.0 2.1 Chicago Tribune, INDIANA: State shutdown averted, July 1, 2009
- ↑ Indiana News Center, New Indiana State Budget: Billion Dollar Reserve Protected, July 2, 2009
- ↑ 4.0 4.1 State of Indiana, "The Budget Process," accessed March 11,2009
- ↑ 5.00 5.01 5.02 5.03 5.04 5.05 5.06 5.07 5.08 5.09 5.10 5.11 5.12 5.13 5.14 5.15 5.16 5.17 5.18 5.19 US Government Spending, "Indiana State and Local spending," accessed March 10,2009
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