Indianaâs got too much money in the bank, which means Hoosiers will be receiving some of it back.
Thatâs great for every taxpayer who will get some cash back next year, but at the same time, the state has plenty of unmet needs that continue to remain unmet.
An Indiana law enacted by then-Gov. Mitch Daniels in 2012 says that if the state closes out a fiscal year with more than 12.5% of its total expenditures in reserves, it triggers an automatic refund process.
This week, we got news thatâs the case at the end of this fiscal year, as Indiana ends with $3.9 billion sitting in wait.
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