Indiana closed fiscal year 2025 with a $676 million surplus, $2.5 billion in reserves, and continued AAA credit ratings from all three major agencies, according to the annual financial report released by State Comptroller Elise Nieshalla. The report shows $26.4 billion in General Fund revenue (up 6.8%), total revenues of $53.8 billion, and expenses of $51.9 billion, maintaining a balanced budget. Indiana’s net position rose to $33.5 billion, and per-capita debt fell to $169 — the fourth lowest in the nation. Nieshalla also announced plans to expand the Indiana Transparency Portal with a new federal funds dashboard to give residents clearer insight into state spending.
Highlights of the 2025 Financial Report
- $26.4 billion in General Fund revenue (up 6.8% from fiscal 2024)
- $676 million year‑end surplus
- $2.5 billion in reserves (11% of General Fund expenditures)
- $33.5 billion net position
- AAA credit rating reaffirmed by Fitch, Moody’s and S&P
- 4th lowest debt per capita state in the nation
