Just as everyday Hoosiers work hard to manage their finances by sticking to a budget, avoiding debt and preparing for the future, it is the responsibility of state government to make smart financial decisions with taxpayer dollars. House Republican lawmakers take this obligation seriously and continue to fulfill the trust that voters have placed in them by enacting responsible legislation and making sound investments for Hoosiers.
Indiana is in a unique position thanks to sound fiscal policies and responsible budgeting. Last year, Indiana’s tax revenues exceeded expectations by nearly $270 million, or about 1.7%. These unexpected revenues are the state government equivalent of a year-end bonus. Republican Statehouse leaders are responsibly investing these monies in one-time, higher education projects.
With House Enrolled Act 1007, Indiana will cash-fund six state university capital improvement projects approved last year for debt financing. This will save $137 million in long-term interest payments and eliminate $21 million in annual bond payments. This will put Indiana in an even better position by freeing up additional funds in future budgets.
While some called for the state to use these one-time dollars to start or expand government programs and projects, they failed to take into account the recurring expenses and costs. Indiana is in a sound place financially, and House Republicans are working to keep it that way for future generations.
The Indiana House of Representatives and the Senate voted in support of this fiscally responsible plan, with Gov. Eric Holcomb recently signing it into law.
For more information about House Enrolled Act 1007, click here.