Monday, January 22, 2024
Every day, Hoosiers across the state work hard for their money, and elected officials owe it to the public to be good stewards of those tax dollars, no matter the amount.
This year, Senate Republicans are prioritizing Senate Bill 4, which would ensure responsible use of taxpayer dollars by establishing an ongoing process to review and return unused funds to the state's General Fund.
Under this legislation, the State Budget Agency would prepare a report that identifies the balance of dedicated funds that have not been used in the previous two years. This report would be submitted to the General Assembly in the fall before each budget session.
This would give the legislature the opportunity to make changes regarding unused state funds. Any money still left unused at the end of the fiscal year would then revert to the state's General Fund.
Current estimates show SB 4 would free up around $40 million in unused funds in the first review cycle. While these numbers could change, about $23 million of that total could be transferred to help the state's Medicaid shortfall this fiscal year, and about $20 million could revert to the General Fund in 2025.
SB 4 is a result of the Government Reform Task Force, which worked during the 2023 interim to find ways in which Indiana can demonstrate fiscal responsibility for Hoosier taxpayers.
Another portion of the bill would enable state agencies to lower or eliminate fines and fees faster. This is important because if government is going to reduce a fee or fine, it should be done so in the quickest way possible out of respect for our Hoosier taxpayers.
Senate Republicans believe a thorough review of state funds will show where Indiana can continue to save money and ensure taxpayer dollars are not being wasted or sitting dormant in an account.
To learn more about SB 4, click here.
