Indiana Ordinance Adopting the Budget
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How to fill out Ordinance Adopting The Budget?
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FAQ
Officials said that the state of Indiana started the 2022-23 fiscal year with a surplus of $6,124,700,000 and started the 2023-24 fiscal year with a surplus of $2,926,200,000, a difference of $3,198,500,000.
The budget cycle consists of four phases: (1) prepara- tion and submission, (2) approval, (3) execution, and (4) audit and evaluation. The preparation and submission phase is the most difficult to describe because it has been subjected to the most reform efforts.
The largest is tuition support, the primary source of K-12 school funding. It's nearly $18 billion, about 40 percent of total budget spending. Other big line items include Medicaid funding, dollars for the Department of Child Services and big pots of money for the Indiana Economic Development Corporation.
What do state and local governments spend money on? State and local governments spend most of their resources on education and health care programs. In 2020, about one-third of state and local spending went toward combined elementary and secondary education (21 percent) and higher education (9 percent).
The State of Indiana has a biennial budget, meaning that each budget contains appropriations for two fiscal years. Fiscal years in Indiana begin on July 1st and end on June 30th of the following year.
There are more than 850 line items in the state budget, individual spending amounts that make up more than $44 billion in total budget spending. The largest is tuition support, the primary source of K-12 school funding. It's nearly $18 billion, about 40 percent of total budget spending.
A fiscal year is an annual financial data reporting timeframe. The state operates on a fiscal year of July 1st through June 30th.
After community input and review, the local legislative will adopt the budget. Typically, this takes place one or two months before the fiscal year begins.
Every year, the U.S. Congress begins work on a federal budget for the next fiscal year. The federal government's fiscal year runs from October 1 of one calendar year through September 30 of the next.
Nearly half of Indiana budget revenue comes from state taxes. Another 40 percent comes from federal funds. Indiana's current two-year state budget includes more than $44 billion in spending.