Fireside Chat Warms Hearts for Chamber

The Crawfordsville | Montgomery County Chamber of Commerce held its first-ever Fireside Chat event earlier this April, offering community members the opportunity to hear directly from the State Treasurer Daniel Elliott and State Comptroller Elise Nieshalla. Elliott and Nieshalla shared important updates, financial goals, and big plans moving forward for the state of Indiana.

Daniel Elliott serves as the 56^th state treasurer, focusing on finances in fiscal responsibility, economic growth, and smart investments. Elise Nieshalla’s state role oversees accounts payable and reporting by managing transactions, maintaining transparency, and ensuring accountability of taxpayer dollars.

The state officials reportedly confirm that the state of Indiana is in its most prosperous financial position in decades. With only six cents cash in hand 20 years ago, the state now has $676 million cash in hand due to smart investments and settling debt. This amount rolls into the reserve funds for a total of $2.5 billion in cash reserves. This provides up to 40 days of operations, should the state of Indiana ever face a crisis. One major contributor to this stability is the last two years of fundraising. Elliott has raised a total of $1.24 billion for the state of Indiana, doubling in two years what had been raised in the ten years prior.

Indiana also has a moderate-sized pension fund of $50 billion, comparable to other states. But what sets it apart is how well-funded it is.

“Lots of states have pension funds that are a similar size or bigger, but very, very few have one that is well-funded,” states Elliott. “We go between 85 and 90 percent. In a couple of years, we’ll be 100 percent funded. That’s almost unheard of in the state of Indiana.”

This means that civilians in Montgomery County—teachers, nurses, firefighters, etc.—can count on their pensions. In recent years, Indiana was rated as the #1 state in the country to build a business. The Indiana Bond Bank provides excellent rates on loans to provide financial assistance to business professionals and civilians alike.

“The state of Indiana is ranked third in economic outlook by the American Legislative Exchange Council,” reports Nieshalla. “And our growth rate for our gross state product is twice that of Illinois and Ohio, three times that of Kentucky, and six times that of Michigan.”

Aside from the numerous successes, Elliott and Nieshalla still recognize the ongoing challenges in the economy, making them responsible for properly equipping the next generation. They express a deep concern for the country’s federal debt, which is nearly $39 trillion. This number far exceeds the budget of the United States military and the annual budget for Medicare. Since a sizable portion of Indiana’s state funding comes from the federal government (44%), this directly affects the state. They also acknowledge the constantly developing digital landscape, in which they must educate and prepare students. Another concern is the soaring housing market in recent years, a challenge that they aim to address by providing more affordable housing to younger generations.

Given the challenges, they recognize the need for long-term strategic planning. This is not only for mitigating financial risk but also for striving toward growth to provide future generations with a sustainable economic landscape. In response to managing federal debt, Nieshalla is currently organizing a national debt crisis task force to minimize the weight of federal debt and restore national stability.

Additional efforts include the prioritization of the reserves by having good fiscal discipline to avoid overspending. This is supported by tax-free government agencies that provide college savings programs, disability programs, and funds for community projects. Having the ability to invest through funding is important as the state looks toward the future and provides a prosperous economy for Indiana residents. A new feature to be released soon on the Indiana Transparency Portal is residential access to view the amount of federal funding that comes to the state and what is done with those dollars.

As the state looks ahead, its priority and obligation are the people of Indiana. These long-term plans are designed to minimize debt, prepare for the future, and fulfill the state’s motto of being “At your service” to Indiana residents.

“We’re honored to be one of only three communities selected to host a Fireside Chat and to bring this level of insight and conversation to Crawfordsville,” said Stacy Sommer, Executive Director of the Crawfordsville | Montgomery County Chamber of Commerce.