Governor Mike Pence's administration has told state agencies to hold back 4.5 percent of their funding for the current fiscal year. This, despite the state's $2 billion in reserves. A Pence spokeswoman says the administration uses the spending cuts to manage potential budget shortfalls and to ensure the state maintains adequate reserves. She went on to say that the $2 billion in reserves is a key factor in the state's AAA credit rating.
