Indiana House Budget 2005-07

Watchdog Indiana Home Page Taxpayer Friendly Budget 2005-07 Indiana 2005 House Bills 1001 &1120 Structural Deficit & Delayed Payments Governor's Budget 2005-07 Indiana State Finances

Detailed information regarding the 2005-07 state budget (House Bill 1001) passed by the Indiana House of Representatives on February 21, 2005, can be found online at http://www.in.gov/apps/lsa/session/billwatch/billinfo?year=2005&session=1&request=getBill&docno=1001. Watchdog Indiana's spreadsheet presentation of the Indiana House budget is listed at the bottom of this page. 

An unnecessary decrease in the state-paid Property Tax Replacement Credit was included in the state budget passed by the Republican-controlled Indiana House of Representatives on February 21. 

The adjustment of Property Tax Replacement Credit percentages in the budget crafted by the House Republicans would result in local property tax increases of $28.9 million in fiscal year 2006 and $122.8 million in fiscal year 2007. The 2005-07 Property Tax Replacement and Homestead Credits of $4.1666 billion would be $545.3 million, or 11.57%, less than the $4.7119 billion the state pays in the 2003-05 biennium.

There is no lobbyist in Indianapolis representing the interests of Hoosier Homeowners. We watchdogs have to act to let our State Senators know that the budget passed by the House Republicans is unacceptable because it decreases the state-paid Property Tax Replacement Credit. The Watchdog Indiana Taxpayer Friendly Budget, which can be found online at http://finplaneducation.net/tfb_0507.htm, is an acceptable budget because no tax increases (including a Property Tax Replacement Credit decrease) are included. We have every right to expect a Taxpayer Friendly Budget from our State Senators that does not include unnecessary tax increases. 

Indiana House of Representatives Budget

General Fund and Property Tax Replacement Fund

Fiscal Years 2005-2006 and 2006-2007

(in millions of dollars)

(Compiled March 13, 2005)

Fiscal Year / Percent Increase (Decrease) From Prior Year

Revenue Source

2003-04

2004-05

2005-06

Change

2006-07

Change

Sales Tax

2,316.1

2,456.3

2,572.4

2,697.6

Individual Income Tax

3,274.8

3,522.3

3,705.6

3,944.2

Corporate Income Tax

644.7

811.7

754.6

777.8

Cigarette & Tobacco Products Tax

283.8

292.9

295.9

299.2

Alcoholic Beverage Taxes

14.2

14.1

14.1

14.2

Inheritance Tax

140.0

135.0

120.0

120.0

Insurance Tax

175.1

175.7

175.7

175.7

Interest

38.3

34.2

49.3

54.0

Other

193.4

190.0

190.0

190.0

SUBTOTAL General Fund Forecast

7,080.4

7,632.2

7,877.6

3.22%

8,272.7

5.02%

Sales Tax

2,404.9

2,500.4

2,614.7

2,741.9

Individual Income Tax

533.1

579.8

603.2

642.1

Gaming

601.5

599.9

641.0

700.0

SUB Prop. Tax Replacement Forecast

3,539.5

3,680.1

3,858.9

4.86%

4,084.0

5.83%

TOTAL Forecast Revenue

10,619.9

11,312.3

11,736.5

3.75%

12,356.7

5.28%

Federal Revenue Sharing (DSH) (1)

58.8

60.2

61.6

Tobacco Master Settlement (1)

35.0

38.1

38.1

AVAILABLE RESOURCES

11,834.8

12,456.4

Expenditure Type

2003-04

2004-05

2005-06

Change

2006-07

Change

General Government

(274.0)

(294.8)

(358.9)

21.74%

(357.7)

(0.33%)

Corrections

(619.4)

(608.2)

(623.8)

2.56%

(624.1)

0.05%

Other Public Safety

(106.0)

(107.6)

(93.9)

(12.73%)

(93.7)

(0.21%)

Conservation and Environment

(70.9)

(79.9)

(84.8)

6.13%

(84.8)

0%

Economic Development

(42.1)

(53.4)

(44.8)

(16.10%)

(44.8)

0%

Transportation

(0.5)

(0.5)

(0.5)

0%

(0.5)

0%

Mental Health

(223.8)

(243.2)

(250.5)

3.00%

(250.5)

0%

Public Health

(74.0)

(74.3)

(74.6)

0.40%

(74.6)

0%

Medicaid

(1,243.8)

(1,388.2)

(1,428.7)

2.92%

(1,469.8)

2.88%

Family and Children

(263.7)

(217.6)

(199.7)

(8.23%)

(199.7)

0%

Social Services and Veterans

(278.8)

(287.9)

(313.3)

8.82%

(337.5)

7.72%

Higher Education

(1,464.1)

(1,524.1)

(1,564.7)

2.66%

(1,595.9)

1.99%

Education Administration

(42.4)

(56.0)

(56.4)

0.71%

(56.4)

0%

Tuition Support - General Fund

(1,820.0)

(1,849.3)

(2,089.4)

12.98%

(2,067.2)

(1.06%)

Tuition Support - PTR Fund

(1,820.0)

(1,849.3)

(1,641.5)

(11.24%)

(1,619.4)

(1.35%)

Social Security - Teachers

(2.4)

(2.4)

(2.4)

0%

(2.4)

0%

Teachers Retirement

(305.5)

(346.8)

(549.9)

58.56%

(581.6)

5.76%

Other Local Schools

(220.9)

(187.3)

(186.3)

(0.53%)

(186.3)

0%

Other Education

(11.0)

(11.8)

(11.9)

0.85%

(11.9)

0%

PTR and Homestead Credits

(2,479.8)

(2,232.1)

(2,055.0)

(7.93%)

(2,111.6)

2.75%

Distributions - General Fund

(48.3)

(13.4)

(100%)

0%

Earned Income Tax Credit Extend (2)

(49.7)

SUBTOTAL Operating Budget

(11,411.6)

(11,428.0)

(11,630.9)

1.78%

(11,820.0)

1.63%

Higher Education Construction

(6.4)

(6.4)

(12.8)

100%

(12.8)

0%

Other Construction

(174.8)

(222.3)

(190.5)

(14.30%)

(190.5)

0%

SUBTOTAL Capital Budget

(181.2)

(228.7)

(203.3)

(11.11%)

(203.3)

0%

TOTAL EXPENDITURES

(11,592.8)

(11,656.7)

(11,834.2)

1.52%

(12,023.3)

1.60%

2003-04

2004-05

2005-06

Change

2006-07

Change

REVENUE SURPLUS

0.6

433.1

CASH BALANCE (3)

658.9

469.3

(28.78%)

710.9

51.48%

ON-GOING STRUCT. DEFICIT (3)

342.6

(78.7)

INDIANA STATE BUDGET AGENCY SOURCES:

A. Forecast Revenue information from the December 14, 2004, State Revenue Forecast.

B. Expenditure information from the March 3, 2005, LSA Fiscal Impact Statement for HB 1001.

NOTES:

1. Revenue information from the January 18, 2005, Budget Briefing.

2. March 2, 2005, Legislative Services Agency Fiscal Impact Statement for House Bill 1083.

3. March 8, 2005, E-mail from the Indiana House Republican Senior Financial Analyst.

 

Watchdog Indiana Home Page Taxpayer Friendly Budget 2005-07 Indiana 2005 House Bills 1001 &1120 Structural Deficit & Delayed Payments Governor's Budget 2005-07 Indiana State Finances

This page was last updated on 03/19/10 .