Indiana, $1.2 Billion in the Black

Indiana leaders patted themselves on the back on Thursday because of a bigger than expected amount of money in the state’s checking account.

State Auditor Tim Berry said Indiana finished the fiscal year on June 30 with nearly $1.2 billion in the bank, more than 40 percent above last year’s finish, when tax revenues were plunging and budget makers were worried that the state would run out of money this year.

Berry said the rebound happened because of a recovery in tax collections and Gov. Mitch Daniels’ success in cutting the budget.

While the state received $1.34 billion less than it had anticipated over a two-year period, it spent $1.52 billion less than it had budgeted for in June 2009.

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