Porter comments on the Republican storm, fiscal closeout report

Today, Indiana released its 2025 fiscal year-end closeout report. The state ends the fiscal year $172 million above forecast – $160 million is due to changes in the timing of collections for the Pass Through Entity Tax (PTET). Not including collection changes to PTET, Indiana finishes within $10 million of its forecast. Even with positive revenues, money is expected to be tight for 2026 and 2027, continuing the biennial budget’s 7% reduction in government spending on critical services. 

State Rep. Gregory W. Porter (D-Indianapolis), a member of the State Budget Committee and Ranking Democrat on the Indiana House Ways and Means Committee, released the following statement:

“Coming in around forecast is a positive, especially with economic turbulence affecting our revenues in April. We bounced back in late June due to changes in collections. But there’s still a big question mark for 2026 and 2027. 

“This report doesn’t include the billions we’re going to lose from the Big Ugly Betrayal. We're going to lose $23 billion in Medicaid funding and need $196 million to fund SNAP. 

“Indiana has a rainy day fund, but it can’t weather the Republican storm. Families surely can’t weather the fallout. We’re slashing services, divesting from public schools and the federal government is cutting funding. Our shrinking surplus and flat revenues won’t cover all of our losses. We’ve got to sit down and think: What’s Indiana’s overall economic strategy? Because Republicans don’t have one. If they do, it doesn’t prioritize Hoosier families. 

“The majority’s two plans have been to hoard dollars in the surplus or to throw them at a non-transparent development project. Neither of these options has been successful. Our small towns and big cities haven’t seen any benefits, manufacturing jobs still declined and the cost-of-living crisis has continued. 

“When it rains, it pours, and a little money in the bank won’t save us from the storm on the horizon.”