New Two Year Budget
Indiana’s new fiscal year begins July 1. This means the General Assembly must adopt a new budget by that date. The state is set to receive stimulus money from the Federal Government. This money should be used for one-time expenditures. The federal money will run out in two years which means if the state increased spending for ongoing expenses using the federal money, when it runs out if the economy has not turned around the General Assembly may be looking at the need to raise taxes dramatically. Spending should be controlled now to avoid tax increases in the future.