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Comprehensive Annual Financial Report Photos Used with Permission of Pacers Sports & Entertainment Used with Permission of Pacers Photos Indiana Basketball

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Comprehensive Annual Financial Report Photos Used with Permission of Pacers Sports & Entertainment Used with Permission of Pacers Photos Indiana Basketball FINANCIAL SECTION COMPREHENSIVE ANNUAL FINANCIAL REPORT Photos used with permission of Pacers Sports & Entertainment used with permission of Pacers Photos Indiana Basketball Professional basketball came to Indianapolis in 1967 when eight businessmen invested a few thousand dollars apiece to create the Indiana Pacers franchise as a charter member of the American Basketball Association (ABA). The nickname “Pacers” was decided on through a collective decision of the original investors. It was a combination of the state’s rich history with the harness racing pacers and the pace car used for the running of the Indianapolis 500. The Pacers became a member of the National Basketball Association (NBA) in 1976 as a result of the ABA-NBA merger. They originally played in the Indiana State Fairgrounds Coliseum, but moved to the Market Square Arena in downtown Indianapolis in 1974 where they stayed for 25 years. They moved to Bakers Life Fieldhouse in 1999 where they currently reside. Over the years the Pacers have been home to a number of top talent including five Hall of Fame members: Reggie Miller, Chris Mullin, Alex English, Mel Daniels and Roger Brown. The team won three championships while in the ABA and eight division titles so far in the NBA. They were also the Eastern Conference champions in 2000. 2 - State of Indiana - Comprehensive Annual Financial Report Comprehensive Annual Financial Report - State of Indiana - 3 4 - State of Indiana - Comprehensive Annual Financial Report Comprehensive Annual Financial Report - State of Indiana - 5 6 - State of Indiana - Comprehensive Annual Financial Report MANAGEMENT’S DISCUSSION AND ANALYSIS Comprehensive Annual Financial Report - State of Indiana - 7 STATE OF INDIANA Management’s Discussion and Analysis June 30, 2014 The following discussion and analysis of the State of and individual and corporate income tax revenue Indiana’s financial performance provides an overview increased $440.8 million indicating the Indiana of the State’s financial activities for the fiscal year economy continued to recover from the ended June 30, 2014. Please read it in conjunction recession. with the transmittal letter at the front of this report and Combined budget balances for FY 2014 were the State’s financial statements, which follow this $2,005.3 million. The balance of $2,005.3 million section. Because of prior period adjustments and consists of $1,036.4 in the General Fund, $445.0 reclassifications as described in Note IV(G) in the million in the Medicaid Contingency Reserve Notes to the Financial Statements, fiscal year (FY) Fund, $150.0 million in the Tuition Reserve Fund, 2013 numbers have been restated. and $373.9 million in the Rainy Day Fund. $2,005.3 million represents 13.3% of the General Financial Highlights Fund appropriations for FY 2015. These reserve balances will protect the state’s critical operations For FY 2014, on a government-wide basis, the during the next economic downturn. assets of the State of Indiana exceeded its Indiana is one of only nine states with the top liabilities by $19.7 billion. This compares with bond rating from all three major credit rating $18.5 billion for FY 2013, as restated. Of this agencies. According to the independent credit amount, $4.8 billion may be used to meet the rating agency Standard & Poor's Ratings Service government’s ongoing obligations to citizens and (S&P), the rating "reflects the state's continued creditors. strong management that has led to the property At the end of the current fiscal year, unassigned tax reform that has realigned state and local fund balance for the general fund was $1.3 spending and is not expected to impact the billion, or 11.1% of the total general fund state's long-term financial performance. As well, expenditures. the state's commitment to attract diverse jobs On a government-wide basis for the primary through its economic development efforts has government, the State incurred expenses net of translated into a shift away from traditional program revenue of $14.2 billion, which are offset manufacturing employment." The report said the by general revenues totaling $15.4 billion, giving administration has made significant financial an increase in net position of $1.2 billion. management changes and strengthened General revenue for the primary government budgeting practices. increased by $0.3 billion, or 1.7%, from FY 2013. Sales tax revenues increased by $150.4 million 8 - State of Indiana - Comprehensive Annual Financial Report Key Economic Indicators Dec. 31, 2013 Dec. 31, 2012 % Change Total Employed Labor Force 3,160,697 3,157,751 0.1% Total Goods and Service Employment 2,980,600 2,942,800 1.3% Service-Providing Employment 2,355,700 2,325,500 1.3% Goods-Producing Employment 624,900 617,300 1.2% Unemployment Rate 6.3% 8.1% -22.2% Median Household Income 47,529 46,974 1.2% Sources: Indiana Department of Workforce Development, Bureau of Labor Statistics, and U.S. Census Bureau. Salaries and benefits for State employees represent approximately 8.0% of governmental fund expenditures. The following table shows a ten year history of the count of full time State employees. Full Time State Employees Paid Through The Auditor of State's Office On On Disability Other Disability Leave - Not Governor's Elected Leave - In in Pay Year Authority Judiciary Officials Pay Status Status Total 2014 28,279 845 1,065 471 312 30,972 2013 28,398 831 1,049 511 345 31,134 2012 28,485 835 1,049 545 349 31,263 2011 28,472 830 1,067 610 351 31,330 2010 29,911 846 1,056 647 341 32,801 2009 31,254 835 1,093 624 358 34,164 2008 32,606 811 1,139 727 339 35,622 2007 31,524 772 1,123 789 313 34,521 2006 31,822 753 1,102 941 279 34,897 2005 34,673 743 1,058 1,077 269 37,820 For more information on personnel paid through the Auditor of State’s Office, please read the Statistical Section. Comprehensive Annual Financial Report - State of Indiana - 9 Overview of the Financial Statements This Financial Section consists of four parts: the State’s financial health, or position. Over time, management’s discussion and analysis (this part), increases or decreases in net position may serve as the basic financial statements, required a useful indicator of whether the financial position of supplementary information, and other supplementary the State of Indiana is improving or deteriorating. To information. The basic financial statements include assess the overall health of the State, additional non- two kinds of statements that present different views financial factors should be considered, such as of the State. The first two statements are changes in the State’s tax base, the condition of the government-wide financial statements that provide State’s roads and the State’s student population. The both long-term and short-term information about the government-wide financial statements of the State State’s overall financial status. are divided into three categories: The remaining statements are fund financial Governmental activities. Most of the State’s statements that focus on individual parts of the State basic services are included here, such as the government, reporting the State’s operations in more State’s roads and bridges, and health and detail than the government-wide statements. environmental programs. State sales and The governmental fund statements tell how income taxes and federal grants finance most of general government services such as public these activities. safety, education, and welfare were financed in Business-type activities. The State provides the short term as well as what remains for future goods and services through these activities that spending. are financed or recovered primarily through fees Proprietary fund statements offer short and long- and user charges. The Unemployment term financial information about the activities the Compensation Fund, the Inns and Concessions government operates like businesses, such as Fund, the Indiana Residual Malpractice the Unemployment Compensation Fund. Insurance Authority , and the Wabash Memorial Fiduciary fund statements provide information Bridge Fund are included here. about the financial relationships in which the Discretely Presented Component Units. State acts solely as a trustee or agent for the These are legally separate discretely presented benefit of others, to whom the resources in entities for which the State is financially question belong, such as the retirement plan for accountable. These include, among others, the the State’s employees. Indiana Finance Authority, the State Lottery Commission of Indiana, the Indiana Bond Bank, The financial statements also include notes that the Indiana Housing and Community explain some of the information in the financial Development Authority, and colleges and statements and provide more detailed data. The universities that receive State funding. statements are followed by a section of required supplementary information and other supplementary Fund Financial Statements information that further explain and support the information in the financial statements. The fund financial statements provide more detailed information about the State’s most significant funds, Government-wide Financial Statements not the State as a whole. Funds are accounting devices that the State uses to keep track of specific The government-wide financial statements report sources of funding and spending for particular information about the State as a whole using purposes. The State of Indiana uses fund accounting accounting methods similar to those used by private- to ensure and demonstrate compliance with finance- sector companies. The statement of net position related legal requirements. includes all the government’s assets, deferred outflows of resources, liabilities, and deferred inflows The State has three kinds of funds: governmental of resources. All of the current year’s revenues and funds, proprietary funds, and fiduciary funds.
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