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State ends fiscal year with $1.94 billion in reserves

INDIANAPOLIS – Indiana closed its books in June with $1.94 billion in reserves, Gov. Mike Pence reported Thursday.

This includes a structural surplus of almost $500 million for fiscal year 2013, which means the state took in that much more than it spent.

“There is much for Hoosiers to celebrate as our state renews our commitment to fiscal restraint and fiscal discipline,” Pence said. “The balance sheet of Indiana is strong and growing stronger.”

As a result of the strong financial footing, Pence announced he would use $66 million to pay off the bond for Miami Correctional Facility. This will save $27 million in interest payments during the next two years.

Without that action, the money would have been diverted to the state’s pension reserve fund.