Monday, October 13 2008
With all the uncertainties in the market right now it is reassuring to see that the State of Indiana is doing better than other states. The State Office of Management & Budget director Ryan Kitchell says while some states are facing deficit budgets, laying off employees and seeking loans or bonds to stay above water, Indiana has taken steps to weather the financial storm. Kitchell says balancing the state's budget, paying hundreds of millions of dollars in back payments to schools, universities and local governments and building the state's reserves have all helped Indiana. The state ended the fiscal year this summer with a budget surplus of about $1.4 billion. Massachusetts recently got $750 million in short-term loans just to keep the state running, and California is trying to do the same.
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