“In Indiana, every tax dollar is spent with serious consideration and respect for the individuals who earned those dollars," he continued. "By keeping prudent reserves and identifying areas of potential growth, we can continue to make Indiana a fiscal leader.”

The state ended the year with more than $2.24 billion in reserves. This is an increase from $2.14 billion in 2015.

The state also saw a structural surplus of $50.6 million. According to the state lower than expected gas prices helped to offset revenues that fell below forecast.

“By operating with a balanced budget and living within our means, Indiana has maintained strong reserves as well as our AAA credit rating,” Crouch said in a statement. “Focusing on maximizing efficiency and ensuring every dollar is spent in a transparent and accountable manner, I’m proud to report back to hard-working Hoosiers that once again, Indiana remains a model of fiscal integrity.”

Speaker of the House, Brian Bosma, R-Indianapolis, said Indiana is faring well when compared with some neighboring states.

“Today’s positive fiscal report is a clear indicator of our state’s continued strong, prudent fiscal management as we continue to hold a structurally balanced budget and healthy reserves under Republican leadership,” Bosma said in a statement. “At a time when many states, like Illinois, are facing budget shortfalls and crushing liabilities, we have kept taxes low for Hoosiers and job creators while making record investments in education and roads.”

Indiana is one of just 12 states to maintain a AAA credit rating with all three major credit rating agencies.

“Fiscal year 2017 will require, of course, continued financial discipline,” said Holcomb. “As it’s been a hallmark over the last decade, we will practice careful and conservative fiscal management to make sure our state government is living within our means.”

Article writer Ashley Steeb is a reporter for TheStatheouseFile.com, a news website powered by Franklin College journalism students.