Indiana ended the 2016 budget year with a record high reserve fund of $2.24 billion.

A report shows that the state ended the fiscal year June 30 with a surplus of $50.6 million, despite missing its forecast for revenue growth by $111.3 million. State officials say the primary reason for the surplus was low gas prices.

Data released by the auditor's office shows Indiana collected $15.04 billion in taxes and other revenue. That's less than the $15.22 billion appropriated by the Republican-controlled General Assembly. But state agencies held back $250.8 million in planned spending, so Indiana expenditures totaled $14.99 billion.

During the 2017 budget year, the state is poised to spend $427.9 million from its reserve fund on state and local road and bridge preservation projects.

(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)