CHICAGO -- Indiana Gov. Mike Pence has ordered state agencies to reserve 4.5% of their 2015 appropriations and public universities to hold back 2%.

The so-called austerity measures come despite the state auditor's recent announcement that Indiana has more than $2 billion in its reserves.

Pence's made similar cuts last year. Former Gov. Mitch Daniels also regularly ordered state agencies to cut spending.

The cutbacks are one reason for the ample reserves, a Pence spokesman told the Associated Press.

"Our current reserves of $2 billion are sufficient to run the state for 49 days, and are a significant factor in the state's triple-A credit rating, which encourages businesses to bring their jobs to Indiana," the spokesman said, according to the AP.

The state took in less revenue than expected last year, budget officials said. Critics say the state forces the cuts to offset the weak revenues and build up unnecessarily large reserves.

The state ended its fiscal year in June spending $106 million less than it took in, according to auditor Suzanne Crouch.

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