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Rainy Day Fund Balances for Indiana Cities

Rainy Day Fund Balances at December 31, 2014 Indiana Cities   City SOUTH BEND CIVIL CITY CARMEL CIVIL CITY PLYMOUTH CIVIL CITY ELKHART CIVIL CITY JEFFERSONVILLE CIVIL CITY BLOOMINGTON CIVIL CITY FRANKLIN CIVIL CITY VALPARAISO CIVIL CITY COLUMBUS CIVIL CITY VINCENNES CIVIL CITY EVANSVILLE CIVIL CITY LAFAYETTE CIVIL CITY TERRE HAUTE CIVIL CITY GOSHEN CIVIL CITY AUBURN CIVIL CITY JASPER CIVIL CITY WARSAW CIVIL CITY LEBANON CIVIL CITY RICHMOND CIVIL …Read More

NUMBER THREE IN A SERIES: HOW TO BE ASSURED THE MONEY IS GOING WHERE IT OUGHT TO GO

It seems every few months we read about a government clerk who has siphoned off thousands of dollars. We shake our heads and ask ourselves how could that be allowed to happen, but, be honest, how do you know it is not happening right now in your own unit of government? You may answer that you know and trust your people. But the people you read about were also trusted …Read More

NUMBER TWO IN A SERIES: GHOST EMPLOYEES YOU DIDN’T KNOW YOU HAD

There are two kinds of ghost employees – do you know which kind is more dangerous? The kind of ghost employee that gets the most publicity is the least dangerous. We have all heard of the occasional government official who puts a friend or relative on the payroll, but does not expect that person to show up and work. Obviously that is unethical and probably illegal. But it is not …Read More

NUMBER ONE IN A SERIES: SAFEGUARDING PUBLIC ASSETS

“How do I know I can trust all these people?” A newly-elected official once asked us that question. He inherited a staff from his electoral opponent, the former office holder. He wanted continuity of operations, so he did not want to fire everyone. He knew, these people from his time on the fiscal body. Basically, he trusted them, but he did not hire them. He did not want any of …Read More

Property Tax Shortfalls

Did you receive your share of property taxes? Mayors, trustees, clerk-treasurers, and controllers all should be concerned about whether the correct amount of property tax has been received from the county. It may surprise you to know that settlement of property tax is not an exact science. Rarely does a unit receive exactly the amount of property tax that was approved in its annual budget process. Variances up to 3% …Read More

Why do Indiana local officials need to learn about GAAP?

Indiana now requires some cities, towns, and counties to publish financial statements in accordance with GAAP (Generally Accepted Accounting Principles). IC 5-11-1-4 now requires GAAP financial reporting for counties, cities, and towns that issue bonds, on the following schedule: CITIES AND TOWNS: Calendar year 2016 (reports filed in 2017) for cities & towns over 250,000 population Calendar year 2018 (reports filed in 2019) for cities & towns over 100,000 population Calendar year 2019 …Read More

Budget Disaster! Don’t Overlook An Extra Payroll in 2015, 2016, or 2017

Like Halley’s Comet, the calendar is cranking around to another odd year in which an extra payroll may be due. That could cause a budget disaster for units that are unprepared. If you are one of the type of persons that feel you can’t do it by yourself you can get help and advise from an attorney, a great law firm is Attorney Coalition DC, it has great attorneys that …Read More

Local Governments can expect a 2.5% increase in their maximum property tax levies in 2016

Each year, the maximum amount of property tax revenue (levy) that may be generated by a local civil government unit is adjusted to account for growth and inflation. For those looking to purchase a new property, it would be best to meet with a realtor, like Eddie Yan Burnaby realtor, for guidance on buying your new home. This article is intended to explain this calculation and the impact on your …Read More

Are your Cumulative Funds in good standing?

If you have a cumulative fund of any kind, or if you want to establish one, June is a good time to do some checking. The end of July is a firm deadline for establishing or reestablishing a cumulative fund. If you are SURE there have been no past reductions in your cumulative fund rates, or if you are sure you do not want to establish a new rate or …Read More