Curtis Coonrod is a seasoned certified public accountant based in Indianapolis with more than four decades of experience serving government entities. As principal owner of Curtis L. Coonrod & Company since 1991, he works closely with financial management divisions across Indiana to ensure compliance with State Board of Accounts requirements, Department of Local Government Finance rules, and Generally Accepted Accounting Principles. His extensive background includes senior roles at Ernst & Young, KPMG, and BKD, as well as service as the elected auditor for Marion County—experience that gives him deep insight into municipal and state budgeting processes, tax revenue trends, and financial reporting frameworks. Active in the Government Finance Officers Association, Curtis Coonrod has long supported efforts to improve fiscal transparency and reporting quality. This background provides a useful lens through which to understand the findings and implications of Indiana’s 2024 Annual Comprehensive Financial Report (ACFR).
An Overview of Indiana 2024 Comprehensive Financial Report
State and town governments compose comprehensive annual financial reports (CAFRs) to demonstrate financial performance over the previous years. CAFRs generally include a financial section comprising various financial statements, documents, and summaries, and a statistical section that compares financial information with historical and trend data. Combined, the reports provide valuable information for stakeholders and the public.
According to the State of Indiana Annual Comprehensive Financial Report (ACFR), for example, the state generated $52.2 billion in total revenue in 2024, including $24.4 billion in state general revenue collections and investments, along with $23.1 billion in federal funding and grant revenues, and $4.4 billion in services and fees revenue. Total state expenses in 2024, meanwhile, closed at $51 billion.
State general revenue collections and investments increased by 2 percent between 2023 and 2024, thanks in part to 1.3 percent employment growth and a personal income increase of 5.1 percent. This increase included general fund revenue growing from $21.9 billion in 2023 to $24.7 billion in 2024.
Federal grant expenditures to Indiana spiked during the COVID-19 pandemic, growing from $14.3 billion in 2019 to $19.6 billion, $26.4 billion, and $23.7 billion in 2020, 2021, and 2022, respectively. They have slightly decreased in recent years, down to $22.8 billion in 2023 and $22.7 billion in 2024.
Indiana’s gross state product (GSP) improved by nearly 3 percent in real value, compared to just a 1.3 percent increase the year prior. GSP serves as an all-encompassing gauge of the state’s economic performance, providing policymakers and business leaders with a general assessment of the state’s financial health and the future of its economy. The state bases many investment, tax policy, and financial strategy decisions on GSP.
The state received more positive news regarding Indiana’s net position, a figure that represents the value of the state’s assets relative to its liabilities. The state’s net position has almost doubled from $16.5 billion in 2020 to $31.7 billion in 2024, including a $1.3 billion increase from the 2023 fiscal year.
Indiana continues to rank among the leading states in debt per capita, placing fourth overall in the United States. Citizens average just $186 per person, compared to $2,751 in Illinois, $1,095 in Kentucky, $880 in Michigan, and $804 in Ohio. The state’s debt per capita aligns with disciplined spending, favorable tax policies, and a regulated business climate.
Unsurprisingly, Indiana ranks among the nation’s 15 states with a AAA credit rating with each of the independent credit rating agencies: Moody’s, Fitch, and Standard and Poor’s (S&P) Global Rating Services. The AAA rating underscores the state’s capacity to repay investors, enabling favorable interest rates on loans.
The state’s total reserves finished the 2024 fiscal year at $2.6 billion, representing roughly 11 percent of Indiana’s operating budget, a stable figure, per the 2024 S&P Global Ratings Report. The report also praised the state’s low debt levels and sound institutional framework for budgeting and operations, as well as Indiana’s disciplined spending and fiscal transparency. Furthermore, the government remains well-positioned with pensions funded at 81 percent and manageable liabilities.
About Curtis Coonrod
Curtis Coonrod is a certified public accountant and principal of Curtis L. Coonrod & Company in Indianapolis. With extensive experience in governmental auditing, financial reporting, and compliance, he supports municipalities and state agencies in meeting regulatory standards and strengthening fiscal management. His background includes senior roles at Ernst & Young, KPMG, and BKD, along with service as Marion County auditor. He remains active in the Government Finance Officers Association and is recognized for his deep expertise in public-sector finance.
