(INDIANAPOLIS) - The State of Indiana closed fiscal year 2024 with over $2.5 billion in the State Reserves.

State Comptroller Elise Nieshalla made that announcement Tuesday, alongside Office of Management and Budget Director Cris Johnston and Acting State Budget Director Joseph Habig.

Nieshalla says thanks to Indiana’s long-standing conservative stewardship, which includes maintaining a healthy cash reserve between 10 and 15% of budgeted appropriations, Indiana closed out fiscal year 2024 with 11 percent in reserves. She says there was also a slight increase in income and a solid return on investments further supporting the State’s strong financial position.

The year-end fiscal report shows Indiana’s reserve broken down with $655 million in the General Fund; $181 million in Medicaid Contingency & Reserve; $672 million in Tuition Reserve; and $1.03 billion in the Rainy Day Fund.

The Comptroller’s Office coordinates with agencies statewide to complete final transactions for the year and confirm expenditures and revenues are aligned in order to produce the 2023-2024 fiscal year close out statement.

Nieshalla says Indiana’s healthy reserves and standing as the 7th
lowest debt per capita state showcases the high level of fiscal responsibility the Hoosier State has, especially during a time when our country is facing a national debt crisis. Nieshalla says as a lead financial officer for Indiana, she sees the national debt at nearly $35 trillion as the greatest looming threat to Indiana’s robust economy.