STATEHOUSE – State Comptroller Elise Nieshalla Today released the 2025 State of Indiana’s Financial Report, summarizing key findings from the audited Annual Comprehensive Financial Report, the official accounting of state finances for fiscal year 2025.

“Commonsense fiscal leadership over two decades continues to reap rewards for Indiana as we have the 4th lowest debt per capita among states, well-funded pensions, healthy cash reserves, and a AAA credit rating,” said Nieshalla. “We have become a long-term, reliable model of fiscal responsibility.” 

State general revenues totaled $26.4 billion in fiscal 2025, a 6.8% increase over the prior year, and income tax revenues rose 6.9%, even as income tax rate reductions continue. Total revenues treached $53.8 billion, while expenses were $51.9 billion, fulfilling our constitutionally bound duty to maintain a balanced budget. 

Indiana’s net position grew to $33.5 billion in fiscal 2025, a key measure of long-term financial stability that reflects the strength of our balance sheet. The fiscal year closed with a $676 million surplus and $2.5 billion in reserves, the latter of which is equal to 11% of the State General Fund expenditures. Just over 20 years ago, the year-end surplus was only six cents, a contrast that underscores the impact of structural reforms and sustained fiscal discipline.