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Pence expects larger state budget surplus

INDIANAPOLIS – Gov. Mike Pence and Auditor Tim Berry are preparing to announce an improved budget picture for the state.

Pence and Berry are scheduled to announce the amount of additional cash the state is carrying over from the closeout of the last fiscal year at a Thursday morning news conference.

Lawmakers approved a $30 billion budget earlier this year with a modest cut in income taxes sought by Pence and new spending on education and roads sought by Republican legislative leaders.

An increase in the state’s cash reserves will likely trigger the state’s automatic tax refund and a transfer to the state’s pension funds.