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Governor's Budget Eliminates Indiana's $20M Life Sciences Fund
During his presentation of the fiscal year 2009-11 budget last week, Gov. Mitch Daniels said the state's weakening economy will require the suspension of funds for some initiatives supported by his administration. For the TBED community, the governor's proposal delays funds for research aimed at building the state's life sciences portfolio, including elimination of a $20 million Life Sciences Fund at the Indiana School of Medicine and Purdue University and $3 million for the High Growth Business Incentive Fund to encourage high-wage companies to locate or expand in the state.
Less than two years ago, Indiana's General Assembly passed a biennial budget that invested more than $100 million in TBED-related programs, capturing national attention for its commitment to programs grounded in science and technology (see the May 7, 2007 issue of the Digest). Today, Indiana's fiscal condition appears quite robust compared with most other states - officials project a $1.3 billion surplus for the current fiscal year. However, the state's budget analysts say anticipated revenue fell more than $33 million below December's forecast and expect sales and individual income tax to continue declining, reports the Indianapolis Star.
Funding for the 21st Century Research and Technology Fund, a legislatively charged fund that supports technology development and commercialization, is increased by $4.3 million over the biennium for a total of $34.9 million each fiscal year. The governor's proposed budget provides $13.4 million for the Indiana Economic Development Corporation in the next biennium - slightly down from the FY07-09 approved budget. Additionally, the governor's budget recommends $3.8 million over the next two years - down from $4.2 million approved last biennium - for the Technology Development Grant Program, which supports development of Indiana's high technology parks. View Gov. Daniels FY 2009-11 executive budget at: http://www.in.gov/sba/files/as_2009_whole.pdf.