FY 2018 and FY 2019 Budget Governor Eric Holcomb
Leading Indiana to the Next Level Cultivate a strong and diverse economy by growing Indiana as a magnet for jobs Create a 20-year plan to fund roads and bridges Develop a 21 st century skilled and ready workforce Attack the drug epidemic Deliver great government service
Cultivate a Strong and Diverse Economy Growing Indiana as a Magnet for Jobs starts with Fiscal Discipline Honestly Balanced Budget Maintain Prudent Reserve Levels Keep AAA Credit Rating
Historical and Estimated General Fund Revenue $’s in millions $18,000.0 $15,480.8 $16,087.0 $16,000.0 $13,313.9 $14,126.1 $14,460.0 $14,483.1 $14,982.2 $14,819.5 $15,043.5 $14,000.0 $12,987.8 $12,236.3 $12,000.0 $10,000.0 $8,000.0 $6,000.0 $4,000.0 $2,000.0 $0.0 2009 2010 2011 2012 2013 2014 2015 2016 2017 Proj. 2018 Est. 2019 Est.
General Fund Revenue Forecast 2017-2019 $’s in millions $16,000.0 $1,322.5 $1,339.8 $1,331.8 $932.8 $1,394.7 $14,000.0 $926.7 $911.7 $984.0 $12,000.0 $5,942.0 $5,596.3 $5,399.8 $10,000.0 $5,218.2 $8,000.0 $6,000.0 $4,000.0 $7,889.7 $7,618.0 $7,400.2 $7,222.6 $2,000.0 $0.0 2016 Act. 2017 Proj. 2018 Est. 2019 Est. Sales and Use Individual Corporate Other
2017-19 General Fund Revenue Summary Percentage of General Fund Biennial Budget Sales and Use 5.9% Individual Income Corporate Riverboat Wagering (1.9%) Insurance (1.6%) 49.0% Cigarette (1.5%) 36.5% Motor & Commercial Vehicle Excise Other (1.4%) Racino Wagering (0.7%)
2017-19 General Fund Expenditure Summary Percentage of General Fund Biennial Budget Medicaid 1.7% 3.9% Higher Education 6.3% 13.8% K-12 Education/Teacher Retirement/Other Education Other Healh & Human Svcs 8.3% 12.0% Public Safety General Government 51.9% Construction Economic Development (0.8%) Conservation and Environment (0.5%)
INPRS Historical and Proposed Appropriations $’s in millions $1,200.0 $1,049.3 $1,003.2 $1,032.6 $1,012.3 $1,027.1 $948.9 $963.1 $1,000.0 $870.1 $842.1 $835.7 $800.0 $683.8 $600.0 $400.0 $200.0 $0.0 2009 2010 2011 2012 2013* 2014 2015 2016 2017 Proj. 2018 Est. 2019 Est. * 2013 does not include $329M in Excess Reserves appropriated to INPRS in 2013
Indiana State Debt Outstanding $4,000 $3,500 68% Decline $3,000 $ in Millions $2,500 $2,000 $1,500 $1,000 $500 $- 06/30/05 06/30/07 06/30/09 06/30/11 6/30/2013 6/30/2015 6/30/2017 State Tax Funded Gas Tax Funded Payment Delays Toll Funded BMVC Debt
AAA Bond Rating – Best in History Washington AA+/Aa1/AA+ Montana AA/Aa1/AA+ Oregon AA+/Aa1/AA+ Idaho + AA+/Aa1/AA+ Wyoming AAA/NR/NR Nevada Ohio AA/Aa2/AA+ AA+/Aa1/ A AA+ Colorado (AA/Aa1/NR) AA-/ Arizona AA/Aa2/NR New Mexico AA Indiana is one of 12 States with top bond rating from all three major credit rating agencies
Surpluses in Introduced Budget $250 $197.5 $200 $150 $100 $84.6 $50 $0 FY 2018 FY 2019
FY 2018/2019 Reserve Balances $2,050 $2,000.5 $2,000 $1,950 $1,900 $1,850 $1,834.1 $1,800 $1,750 FY 2018 FY 2019
Invest $1 Billion to Innovation and Entrepreneurship over Ten Years Next Level Indiana Trust Fund - $500m over ten years Venture Capital Investment Tax Credit Transferability – estimated $6m annual fiscal impact Continue Appropriations to the 21Fund - $30m annual
Invest $1 Billion to Innovation and Entrepreneurship over Ten Years Innovation and Entrepreneurship Grant Program for Partnerships with Higher Education and Communities - $10m per year Fund additional Research Capabilities at the Indiana Biosciences Research Institute - $20m one-time fiscal impact Regional Cities Planning Grants - $4m one-time fiscal impact
Create a 20-Year Roads and Bridges Plan Maintain Our Existing Roads and Bridges Finish the Projects We Have Started Invest In New Projects That Enhance Competitiveness Fund What We Need… Responsibly!
Other Transportation & Infrastructure Priorities Add more Direct Flights from Indiana Airports - $5m per year Double Track the South Shore Line to create greater access to and from Chicago - $10m per year beginning in FY 2019 Federal dollar swap for local projects Create a water infrastructure safety and reliability data hub through the Management Performance Hub
Educate, Train, Retrain, & Recruit A 21 st Century Workforce For Indiana Double investment in quality pre-k for Hoosier children most in need from $10m per year to $20m per year Increase K-12 funding by $70m in FY 2018 and $210m in FY 2019 (as compared to FY 2017) Increase higher education funding by $13m in FY 2018 and $39m in FY 2019 6
K-12 Tuition Support Historical and Proposed Appropriations $’s in millions $7,400.0 $7,190.5 $7,200.0 $7,050.3 $6,980.5 $7,000.0 $6,820.3 $6,800.0 $6,691.6 $6,622.8 $6,558.7 $6,600.0 $6,420.8 $6,400.0 $6,262.8 $6,308.7 $6,200.0 $6,000.0 $5,800.0 $5,600.0 2010 2011 2012 2013 2014 2015 2016 2017 Proj. 2018 Prop. 2019 Prop. * 2010 Indiana took over local taxation of K-12 support
Educate, Train, Retrain, & Recruit A 21 st Century Workforce For Indiana Grant program to help adults earn credentials, certificates and degrees in high demand, high- wage fields - $2m per year Lead a statewide effort to align STEM efforts throughout K-12 education - $1m per year E-Rate funding for school corporations to match federal programs for connectivity - $1m per year 6
Attack the Drug Epidemic Save Hoosier lives by addressing Indiana’s drug crisis with accountability & action Create the role of Executive Director of Drug Treatment, Prevention & Enforcement to direct all efforts across state government and address this epidemic in a targeted and comprehensive manner $5m per year
Deliver Great State Government Services Modernize revenue system - $33m in this biennium Increase police pay and fund police pensions - $34m appropriation increase in this biennium Exempt military pensions from Income Tax - $15m impact in this biennium Increase funding for Nurse-Family Partnership Program - $5m per year
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