Indiana State Comptroller Elise Nieshalla released her first State of Indiana’s Financial Report today to highlight the solid fiscal standing of the state as published in the 2023 Annual Comprehensive Financial Report (ACFR), the official, audited record of state finances.
“Indiana’s ACFR provides tangible evidence of our state’s strong financial position,” said Comptroller Nieshalla. “In sharing Indiana’s low debt, low pension fund liability, healthy cash reserves, balanced budget and AAA credit rating, we are reminded how good it is to be a Hoosier.”
The Comptroller’s Office annually produces the ACFR, which is audited by the Indiana State Board of Accounts. The ACFR provides an in-depth analysis of all state expenditures, cash flow, debt administration and other financial information.
“The State of Indiana’s Financial Report offers Hoosiers a quick tool to better understand our state’s economic well-being and how Indiana manages taxpayers’ dollars, based on the 300 pages of reporting in the ACFR.”
Highlights from the report include:
• General Fund revenue of $21.9 billion compared to $20.9 billion in fiscal year 2022.
• Assets (cash, investments, capital assets, etc.) exceeded our liabilities (payables, pension liabilities, etc.) by $25.6 billion.
• Total reserves are $2.9 billion, which is 13% of the current budget.
• Indiana ranks seventh lowest in debt among states in the U.S. at $366 per capita.
The State of Indiana’s Financial Report is a summary of the 2023 ACFR – the current ACFR and previous years are all available electronically on the Comptroller’s website. Indiana’s ACFR has been awarded the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA) for the last 30 consecutive years.