The state of Indiana’s fiscal year officially ended on June 30th and the year-end report has been released.

Auditor of the State Tera Klutz, CPA, announced that Indiana ended the fiscal year with $1.4 billion in reserves going into the next fiscal year.

According to the year-end report, the state started this fiscal year with close to $2.3 billion in reserves. The state used around $900 million of the available money to offset the shortage of revenue as a result of the COVID-19 pandemic and the deferral of tax payments from April to July.

With much concern still lingering among state officials, Klutz says that she is pleased Indiana has avoided more drastic measures through using available reserves along with the spending cuts that the governor has put in place.