Indiana budget in surplus

Most state budgets are in crisis. The Big Picture's Barry Ritholtz notes that state tax revenue has fallen sharply the last two quarters. The left wing Center for Budget and Policy Priorities notes that "[a]t least 48 states addressed or are facing shortfalls in their budgets for the upcoming year."

Not Indiana. Under Mitch Daniels' leadership the state reported a $1.3b surplus. The State Auditor Tim Berry noted that they even raised school funding:

Berry stood in front of charts Friday that show Indiana increased school funding, avoided a tax hike, and maintained a surplus of about 10%. [...]

"Measures that were taken early on by Governor Mitch Daniels to restrain spending have amounted for a large amount of these fiscal reserves," Berry said.

The Louisville paper notes that tax revenue was even down $1.2b below projections:

The state had $1.33 billion in its main checking account and reserves when the fiscal year ended June 30. That's roughly the same as one year ago, even though state taxes brought in $1.2 billion less than originally projected.

How's that for successful governance? No wonder there is a draft movement for Mitch Daniels for President.

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Mitch Daniels - "Republican Revolutionary"?

I liked Chris Cilizza's article on Mitch Daniels titled "Republican Revolutionary". 

Daniels demonstrated a populist knack largely lacking in the national party hierarchy -- he toured the state in an RV, stayed in the homes of Hoosiers rather than at hotels, and even created his own reality TV series known as MitchTV in which he invited a film crew to tape his interactions with the people of the state.

Mitch seems very fresh, not to mention being a fiscally conservative, Midwestern-Nice governor.  I really like it.  I'll be watching for his YouTube videos and hoping that he'll be an articulate voice who's well-informed on domestic and foreign issues, especially economics and national security.  Thanks so much for raising Mitch's profile to my attention. 

 

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Soren, the budget is currently in a deficit

It may have once been in a surplus but it isn't any longer.

 

http://money.cnn.com/news/storysupplement/economy/gapmap/

 

His state is also over 10% unemployment, an unpleasant fact that may be out of his control.

Interesting Facts About Indiana's Finances

1.  Indiana LED THE COUNTRY in tax-revenue shortfalls this past quarter, including a 64.5% drop in April.

2.  For FY '-09 which it just closed, revenues during the year fell over $963 million from fiscal year 2008 levels, and were $1.2 billion less than originally expected at the beginning of the year.

3.. For FY'09, Indiana accepted and applied over $880 MILLION dollars in Federal Stimulus money, which greatly helped its bottom line.  You could say that 4 out of 5 dollars in Indiana's "surplus" were put there by President Obama.

4.  For FY'09, Daniels plans deep, drastic cuts in every state agency, just to keep Indiana's cash intact and his political ambitions alive.  This will mean big increases in fees and permits and end-user costs for state services, for example 

5.  Indiana and Ball State and all other Indiana State Universities just raised their rates, as State monies for tuitions and student aid have been cut.

 

Now, Indiana's annual budget is 28 Billion, so Daniels' 580M in savings this year is not even 3%.  But the rapidly closing tax revenue shortfalls will make Daniels' job a hell of a lot harder next fiscal year, and the lack of an Obama Second Stimulus is going to make that gaudy headline a hell of a lot different by 2012.

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Members of our armed forces at times find themselves in need of a little short term financing until they get their next paycheck, and that's why there are military payday loans.  Military payday loans are not dissimilar to regular old payday loans, but there are a few rules that differ for them, as interest rates and charges are assessed a little different.  It's more or less the same product – it's still short term loans made for a short period of time, and a lot of other features still apply, such as over the phone or online applications, direct deposit, and no credit checks.  Service people looking for military payday loans can get online loans too.

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I mean, seriously, if this site wants to go completely down the tubes, why not?

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Budget woes calls for a

Budget woes calls for a proper spending of government fund. Prioritize expenses in order to avoid deficit. Remember we have recover from the effect of global recession but how could that be if there is already a shortfall on the budget that will be used to finance to stabilize the financial system. Truly money is a scary topic we need to deal carefully with this issue. It may be worth having an  cash advance to study deeper the real cause budget woes.

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I want to say, it may have once been in a surplus but it isn't any longer.

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