Income tax revenue replacement ‘remains to be seen,’ state budget director says
The comments from Indiana State Budget Director Zac Jackson came during a virtual panel discussion on the impacts an economic recession would have on state budgets.
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Experts carefully optimistic about state’s fiscal footing as lawmakers look to cut taxes
The Interim State and Local Tax Review Task Force, which began meeting Wednesday, will examine Indiana’s corporate tax, individual income tax, property tax, sales tax, and others.
Indiana budget regulators requiring state agencies to hold back 2% ‘management reserve’
A memo issued by the State Budget Agency last week says that, despite “our strong financial position,” the state needs “to be mindful of unknown factors.”
Legislative session ends as chaotic, twelfth-hour push nets $312M increase for traditional K-12
Under pressure from local schools and fellow Republican lawmakers, GOP leaders opted to decrease the amount dedicated to paying down the unfunded liability in pre-1996 Teacher Retirement Fund and shift an additional $312 million to K-12 schools.
Governor, other top elected officials see large pay raises in budget
Under the addition, the state governor’s salary would be equal to that of an Indiana Supreme Court Justice—starting with Gov. Eric Holcomb’s successor, who would see a salary increase of 48%.
Revised state budget expands school voucher funding, accelerates income tax cuts
The $44.5 billion spending plan restores measures coveted by Republican leaders in both chambers, a reflection of the April state revenue forecast that showed Indiana is expected to receive an additional $1.5 billion in revenue over the next two fiscal years.
More money means more funding decisions for Indiana lawmakers as session nears end
A projected $1.5 billion in new revenue will add new drama to the final week of this year’s legislative session as the Indiana General Assembly grapples with how much to raise funding for public health, education and debt obligations.
Indiana revenue forecast exceeds projections as recession fears wane
State lawmakers have $1.5 billion more to work with than expected in the next two-year budget, according to revenue figures released by the Indiana State Budget Agency on Wednesday. But it’s unclear where that money will be directed.
Senate’s $43.3B state budget advances to conference committee, where negotiations will continue
The proposed version of the budget doesn’t include any expansion of school vouchers, which House Speaker Todd Huston has personally pushed for, nor does it finalize funding for mental health and public health commitments.
Indiana Senate budget strips proposed funding for Martin University
Indiana’s only predominately Black university is slated to miss out on a $10 million cash infusion under a budget proposal introduced by Senate Republicans on Friday.
Senate unveils budget with no expansion for school voucher program
The most glaring contrast between the Senate and House proposals is the way in which they intend to expand funding to charter schools.
Secretary of state seeks salary bumps, funding for election security
Secretary of State Diego Morales is asking for salary increases for his employees and about $6 million in funding for an election cybersecurity program in the next two-year budget cycle.
Indiana House proposed budget alters salary calculations, public health allocations
The proposed changes could have big impacts for lawmakers, as the bill’s language would change the formula used to calculate pay raises for many–from the governor down to each legislator.
Holcomb speech delivers familiar call to attract more high-wage employers
Gov. Eric Holcomb stressed in his State of the State address that further investments are needed in K-12 schools and higher education, workforce training and public health if Indiana expects to meet the talent demands of high-wage employers.
Indiana budget has big ongoing, one-time obligations
When drafting the state’s next budget, lawmakers will need to consider the state’s ongoing commitments and one-time obligations under the cloud of a potential recession.
Democrats seek greater legislative oversight of IEDC
The Indiana Economic Development Corp. is asking for $600 million over the next two years for a deal-closing fund, along with a one-time injection of $150 million for a revolving fund for land purchases. Democrats argue that Republicans already have given the agency a “blank check.”
In budget request, Holcomb doubles down on economic development strategy
The funding requests are part of the governor’s ambitious $3 billion “Next Level Agenda,” which calls on state lawmakers to approve historic investments in education, public health and state employee salaries.
Holcomb awaiting April forecast to see what state can afford in 2023-2024 budget
Republican legislative leaders have been urging caution on new spending, but Gov. Eric Holcomb remains hopeful that his legislative priorities can be funded. See what he had to say in this Q&A.
State predicts mild recession, stagnant economy in 2023
The lackluster economic forecast comes as Indiana lawmakers prepare to return to the Indiana Statehouse on Jan. 9 to craft a two-year budget and consider funding increases to education, public health and workforce development programs.
Indiana DOE seeks to double funding for English learners
Indiana’s English learner population has increased by 52% over the last five years.