INDIANAPOLIS (AP) — The cash reserves for Indiana’s state government have grown to more than $2.1 billion after spending cuts to many state agencies as tax collections increased slower than expected.

Figures released Thursday by the state auditor show that the state had a $210 million surplus during the budget year that ended June 30.

Republican Gov. Mike Pence says maintaining the state’s cash reserve gives it a cushion against an economic downturn and protects its high standing with credit agencies.

State reports show tax revenue was about 1 percent less than projected for the past year, during which state agencies returned about $133 million.

Democrats say the Pence administration is hoarding money to reach an unnecessary surplus level while ignoring important needs around the state.