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Indiana state budget (2010-2011)
| Note: This article was last updated in 2011. Click here for more recent information on state budgets and finances. |
Indiana had $28.8 billion budget for FY2010-2011.[1] It was passed in 2009. On July 14, 2010, State Auditor Tim Berry announced the state's FY2010 revenues were $957 million less than lawmakers budgeted.[2]
Going into the fiscal year Indiana had a total state debt of $27,563,948,872 when calculated by adding the total of outstanding debt, pension and OPEB UAAL’s, unemployment trust funds and the 2010 budget gap as of July 2010.[3]
| Total spending | Health and human services | Education | Government | Protection | Transport | Environment | Econ dev |
|---|---|---|---|---|---|---|---|
| $26.5 | $9.3 | $10.3 | $1 | $1.4 | $2 | $0.3 | $1.5 |
| Total spending | Pension | Healthcare | Education | Welfare | Protection | Transport | Deficit |
|---|---|---|---|---|---|---|---|
| $32.8 | $0.1 | $3.4 | $10.4 | $1.2 | $2.6 | $1.7 | $32.3 |
Fiscal Years 2010 and FY2011 State Budget
Find the state’s FY2011 Comprehensive Annual Financial Report (CAFR) compiled by the state government online.[6]
The state ended FY2011 with a $1.2 billion surplus.[7]
The state collected $938 million in August 2010, an 8.4% increase compared to the year prior according to the state Budget Agency.[8]
FY2011 General Fund Appropriations[9]
| Category | % of General Fund Appropriations |
|---|---|
| K-12 Education | 49 |
| Higher Education | 12 |
| Medicaid | 11 |
| Teacher Pensions | 5 |
| Corrections | 5 |
| Human Services | 5 |
| Child Services | 4 |
| Other | 9 |
The General Assembly approved a ballot measure for the statewide 2010 ballot, which would let voters decide whether to amend limits on property tax bills into the state constitution.[10]
Budget background
The Indiana General Assembly meets annually and had a biennial budget. The governor submits the budget to the legislature in accordance with IC 4-12-1-9(a): Before the second Monday of January, in the year immediately after preparation, the budget report and the budget bill shall be submitted to the Governor by the budget committee. The Governor shall deliver to the house members of the budget committee such bill or bills for introduction into the House of Representatives.[11]
Indiana was required to pass a balanced budget by statute stating that "no law shall authorize any debt to be contracted," except for "casual deficits" which must be covered by loans "as may be necessary to meet the demands of the state." Indiana law prohibits the state from carrying a deficit from one year to the next. State law creates a spending cap under Section 4-10-21-2, but an exemption from the State spending cap for appropriation exists under Section 4-10-21-7.[12]
Budget figures
The 2009-2011 state budget passed June 30, 2009 by the Indiana General Assembly during the 2009 regular and special sessions provides:[13][14]
Total Funds
- $26.2 billion FY 2009 (listed as a comparison)
- $26.9 billion FY 2010
- $26.9 billion FY 2011
General Funds
- $14.4 billion FY 2009 (listed as a comparison)
- $13.6 billion FY 2010
- $14.1 billion FY 2011
General Fund 2009-10[15]
| Category | FY2009 Amount in millions Actual | FY 2010 Amount in millions Estimated |
|---|---|---|
| Beginning Balance | 1,050 | 964 |
| Revenues | 13,063 | 12,191 |
| Adjustments | 0 | 0 |
| Total Resources | 14,113 | 13,155 |
| Expenditures | 13,019 | 12,836 |
| Adjustments | 130 | 0 |
| Ending Balance | 964 | 319 |
| Budget Stabilization Fund | 365 | 369 |
Fiscal 2010 Tax Collections Compared With Projections Used in Adopting Fiscal 2010 Budgets (Millions)[15]
| Category | Amount |
|---|---|
| Sales Tax Original Estimate | 6,132 |
| Sales Tax Current Estimate | 5,932 |
| Personal Income Tax Original Estimate | 4,289 |
| Personal Income Tax Current Estimate | 3,776 |
| Corporate Income Tax Estimate | 800 |
| Corporate Income Tax Estimate | 547 |
The following table provides a history of Indiana's expenditures and gross domestic product (GDP).
| Fiscal Year | Expenditures (billions) | GDP (billions) |
|---|---|---|
| 2000 | $31.2[16] | $194.4[16] |
| 2001 | $33.8[16] | $195.2[16] |
| 2002 | $36.3[16] | $205.0[16] |
| 2003 | $37.8[16] | $215.4[16] |
| 2004 | $39.3[16] | $228.3[16] |
| 2005 | $42.0[16] | $232.8[16] |
| 2006 | $44.0[16] | $238.7[16] |
| 2007 | $46.1[16] | $246.4[16] |
| 2008 | $48.2[16] | $254.4[16] |
| 2009 | $50.5*[16] | $262.7*[16] |
- NOTE: The figures for FY 2009 won't be finalized until the end of the fiscal year.
See Indiana state budget (2008-2009) for more details.
Accounting principles
Indiana did not have a state controller, rather fiscal duties were split among the Office of Management & Budget (OMB), State Auditor and State Treasurer.
Ryan Kitchell had been Indiana’s OMB Director since 2007.[17] The Legislature created a new organization within state government called the Office of Management and Budget ("OMB"). The OMB brings together the financial and auditing functions of Indiana. The Director of the OMB was the state's CFO.[18]
Tim Berry had been Indiana State Auditor since 2007. The Indiana State Auditor was responsible for:[19]
- Accounting for all of the State's funds
- Overseeing and disbursing county, city, town, and school tax distributions
- Paying the State's bills
- Paying the State's employees
- Administrating Indiana’s Deferred Compensation Plan.
See also
Footnotes
- ↑ The Journal and Courier "Where would Statehouse candidates cut state budget?" Oct. 3, 2010
- ↑ Businessweek "Ind. schools won't get any extra tax revenue cash" July 15, 2010
- ↑ State Budget Solutions “States Hide Trillions in Debt” July 22, 2010
- ↑ Indiana State Budget Agency, Expenditure Summary
- ↑ USA Spending, State Guesstimated* Government Spending
- ↑ FY 2011 CAFR
- ↑ Businessweek "Indiana ends budget year with $1.2B surplus" July 14, 2011
- ↑ "Indiana revenue up 8.4 pct in August from year ago" Oct. 5, 2010
- ↑ IN.gov Budget Information visited Sept. 2, 2010
- ↑ Cite error: Invalid
<ref>tag; no text was provided for refs namedIndianaStateofState - ↑ National Association of Budget Officers, "Budget Processes in the States," 2008 (dead link)
- ↑ Indiana Budget Analysis
- ↑ Indiana State Budget Agency, “2009 - 2011 As-Passed Budget,” August 31, 2009
- ↑ 2009-2011 state budget
- ↑ 15.0 15.1 National Governors Association and National Association of State Budget Officers Fiscal Survey of States June 2010 (dead link)
- ↑ 16.00 16.01 16.02 16.03 16.04 16.05 16.06 16.07 16.08 16.09 16.10 16.11 16.12 16.13 16.14 16.15 16.16 16.17 16.18 16.19 US Government Spending, "Indiana State and Local spending," accessed March 10,2009
- ↑ Indiana Finance Authority, “Indiana Finance Authority Members,” accessed October 21, 2009
- ↑ Indiana OMB Web site, accessed October 21, 2009
- ↑ Indiana State Auditor Web site, accessed October 21, 2009
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