Indiana’s State Comptroller Elise Nieshalla released the 2025 State of Indiana’s Financial Report, which showed the state achieved a $676 million budget surplus, has well-funded pensions, healthy cash reserves, and a AAA credit rating – making Indiana a ‘long-term, reliable model of fiscal responsibility’.

Why it matters
Indiana’s strong fiscal management and balanced budgets over the past two decades have allowed the state to maintain low debt levels, build up substantial reserves, and earn the highest possible credit rating from all three major agencies. This positions Indiana well to weather economic downturns and invest in priorities that benefit Hoosiers.

The details
Indiana’s general revenues totaled $26.5 billion in fiscal 2025, a 6.8% increase over the prior year, with income tax revenues rising 6.9% despite ongoing tax rate reductions. Total revenues reached $53.8 billion, while expenses were $51.9 billion, fulfilling the state’s constitutional duty to maintain a balanced budget. Indiana’s net position grew to $33.5 billion, and the fiscal year closed with a $676 million surplus and $2.5 billion in reserves, equal to 11% of State General Fund expenditures.

Indiana released its 2025 State Financial Report on February 4, 2026.

The players
Elise Nieshalla
Indiana State Comptroller who released the 2025 State of Indiana’s Financial Report.