CHICAGO — In a nice surprise, Indiana ended fiscal 2011 with $1.18 billion in its reserves, around $1 billion more than expected.

The unexpected surplus is not due to rising revenues, but mostly to unspent dollars in the two-year budget that ended June 30. The triple-A rated state drained nearly half of its prized $1.3 billion reserve fund in 2009 to offset revenues that fell $1 billion below expectations.

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