The Indiana fiscal new year is upon us, having begun

on July 1. The big New Year’s celebration happened on July 13, with the“closeout” announcement. That’s the state’s accounting of revenues, spendingand balances as of the end of fiscal 2023. The good news: Indiana has $2.9billion in the bank, 13.6 percent of the general fund budget. That’s enough tocover cash flow and most shortfalls in revenue below expectations.

That amount takes some explaining though, because a

year ago balances were $6.1 billion. Where did that money go?

Larry Deboer explains.