INDIANAPOLIS (WEHT)– State auditor Tera Klutz made announcements Wednesday regarding a surplus in reserves, which will result in something good for Hoosiers.

“Indiana has exceeded expectations. In fact, we’ve soared through the recession in one of the fastest recoveries on record to end the fiscal year, 2021, with 3.9 billion dollars at the end of June,” Klutz said.

That means there’s an $1.1 billion that will be returned to Hoosiers. This will be split to go towards retirement funding and will also be split among tax-paying Hoosiers in the form of a refundable income tax credit. Democratic state representative Ryan Hatfield said it’s the right thing to do.

“It’s required by the law, that when you sit on this kind of money that Hoosiers paid into the system, you have to give some back. We’ll be giving that back so long as you have a tax liability, you’ll be entitled to a refund,” Hatfield said.

Something representatives said doesn’t happen often. Officials didn’t give an exact number, but noted this reached $110 when the same thing happened in 2012. Local republican state representative Wenday McNamara said this is an achievement.

“For us to be able to do that, it is solely because we’ve been very careful with the way we spend Hoosier’s taxpayers dollars,” McNamara said.

Officials said this credit will be given out when Hoosiers file their 2021 taxes. Klutz said she’s pleased to bring good news to Hoosiers.

“Maintaining sustainable finance creates a better, stronger, more prosperous state for the next generation. I am optimistic about the direction we are heading,” Klutz said.