The Indiana Ordinance Adopting the Budget is a crucial legislative enactment that outlines the financial plans and allocations for a specific jurisdiction within the state of Indiana. This comprehensive document is developed and approved by the governing bodies such as the county commissioners, city council, or town board, depending on the locality. Keywords: Indiana, ordinance adopting the budget, financial plans, allocations, jurisdiction, county commissioners, city council, town board. There are several types of Indiana Ordinances Adopting the Budget, each specific to the governing body responsible for its formulation: 1. County Ordinance Adopting the Budget: This type of ordinance is developed and approved by the county commissioners. It sets forth the financial framework for the entire county, including various departments and agencies operating within its jurisdiction. 2. City Ordinances Adopting the Budget: Cities within Indiana have their own governing bodies, mainly city councils, which develop and adopt specific ordinances for their locale. These city ordinances outline the financial plans for various departments, public services, and projects within the city limits. 3. Town Ordinances Adopting the Budget: Small towns in Indiana, usually with a town board as the governing body, also adopt their own ordinances articulating the budget plans. These ordinances define the financial resources allocated for town administration, services, and maintenance. 4. Township Ordinances Adopting the Budget: In some cases, townships in Indiana independently develop ordinances adopting the budget. These ordinances cover the financial provisions for township-level services like road maintenance, emergency services, and parks. Each type of ordinance adopting the budget serves to ensure proper financial management within the respective jurisdiction, allowing for transparent allocation of resources and the effective delivery of public services. These ordinances commonly address revenue sources, expenditure priorities, debt service, capital improvement projects, and other financial aspects to guide the fiscal year's operations. In conclusion, the Indiana Ordinance Adopting the Budget is a vital legislative instrument that details financial plans and allocations for specific jurisdictions in Indiana. Different governing bodies, such as county commissioners, city councils, and town boards, formulate their respective ordinance adopting the budget to ensure proper financial management and service delivery.
Indiana Ordinance Adopting the Budget
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Officials said that the state of Indiana started the 2022-23 fiscal year with a surplus of $6,124,700,000 and started the 2023-24 fiscal year with a surplus of $2,926,200,000, a difference of $3,198,500,000.
The budget cycle consists of four phases: (1) prepara- tion and submission, (2) approval, (3) execution, and (4) audit and evaluation. The preparation and submission phase is the most difficult to describe because it has been subjected to the most reform efforts.
The largest is tuition support, the primary source of K-12 school funding. It's nearly $18 billion, about 40 percent of total budget spending. Other big line items include Medicaid funding, dollars for the Department of Child Services and big pots of money for the Indiana Economic Development Corporation.
What do state and local governments spend money on? State and local governments spend most of their resources on education and health care programs. In 2020, about one-third of state and local spending went toward combined elementary and secondary education (21 percent) and higher education (9 percent).
The State of Indiana has a biennial budget, meaning that each budget contains appropriations for two fiscal years. Fiscal years in Indiana begin on July 1st and end on June 30th of the following year.
There are more than 850 line items in the state budget, individual spending amounts that make up more than $44 billion in total budget spending. The largest is tuition support, the primary source of K-12 school funding. It's nearly $18 billion, about 40 percent of total budget spending.
A fiscal year is an annual financial data reporting timeframe. The state operates on a fiscal year of July 1st through June 30th.
After community input and review, the local legislative will adopt the budget. Typically, this takes place one or two months before the fiscal year begins.
Every year, the U.S. Congress begins work on a federal budget for the next fiscal year. The federal government's fiscal year runs from October 1 of one calendar year through September 30 of the next.
Nearly half of Indiana budget revenue comes from state taxes. Another 40 percent comes from federal funds. Indiana's current two-year state budget includes more than $44 billion in spending.