House GOP fiscal leaders respond to surge in state revenues, governorís recommendations

Posted by: Erin Reece  | Thursday, July 11, 2019 2:30 pm

Note to the Press: Indiana State Auditor Tera Klutz today outlined Indiana’s fiscal year close-out report, which revealed revenues exceeded the forecast by over $267 million. This unexpected revenue takes the state’s reserve balance up to 13.9% of fiscal year 2019 expenditures. Please include the following statements from House Speaker Brian C. Bosma (R-Indianapolis), State Rep. Tim Brown (R-Crawfordsville) and State Rep. Todd Huston (R-Fishers) in your coverage of today’s announcement, including Gov. Eric Holcomb’s recommendations for the legislature to appropriate these funds toward capital projects during the next legislative session:

“Indiana’s surge in revenue is proof that our low tax, pro-business environment and strong record of fiscal responsibility continues to pay dividends for Hoosier taxpayers. I strongly support the governor’s prudent recommendation to use this one-time money to pay cash for much-needed capital projects, which would otherwise require debt financing. This proposal could save over $100 million in interest payments over the next 20 years and free up those funds for important priorities like education and child protection. We look forward to working with Governor Holcomb in the coming months as we finalize plans for the 2020 session.”
-House Speaker Brian Bosma

“For years, Indiana has remained committed to fiscal responsibility. By making tough budget decisions and living within our means, Indiana is in a unique position to invest this increased revenue in one-time planned expenses, instead of accruing debt from capital bonds and passing costs onto Hoosier taxpayers.”  

-House Ways and Means Chair State Rep. Tim Brown

“Using this additional revenue to pay for one-time investments and capital projects around the state is a responsible and prudent use of taxpayer dollars. Thanks to strong fiscal leadership, Indiana can avoid taking on debt, which provides both short and long-term savings. As we move ahead, I look forward to working with the administration, and our House and Senate colleagues to act on these recommendations.”
-House Ways and Means Co-Chair State Rep. Todd Huston