"From chronic deficits to balanced budgets. From bankruptcy to a strong surplus. More than $700 million in debts to schools and local governments, paid off, and all without a penny of new taxes. Now we have to protect and complete the turnaround by building our rainy day funds back to adequacy, and guarding the treasury against raids."

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Editor's note: State Auditor Tim Berry made the announcement during a news conference this morning. His office has issued a news release in conjunction with the announcement.

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The state closed the 2007 Fiscal Year today. Here is Governor Mitch Daniels' statement about the results