INDIANAPOLIS (AP) — Indiana’s finances are taking a major hit from the coronavirus crisis, and it just remains to be seen how big of a hit it will be.
Unemployment claims have skyrocketed with business and factory closings in the past couple weeks, along with less retail spending expected to mean a sizeable hit to sales tax revenue.
Gov. Eric Holcomb says perhaps $1 billion will have to be spent from the state’s $2.3 billion in cash reserves to get through the budget year that ends June 30.
The federal coronavirus economic relief package dedicates at least $1.25 billion to each state, but Indiana officials haven’t yet said how much they anticipate the state will receive.