statehouseIf 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 increase an old one, you probably don’t need to take any action.

However, if a cumulative fund rate was lowered in the past, if it was never at the maximum rate, or if you want to establish a new one, you must give a ten day notice and hold a public hearing in order to make the change. All of the paperwork should be filed with the Department of Local Government Finance by the end of July.

Here is a list of cumulative funds that are options for municipalities, counties, and/or townships:

  • Voting System Purchase Fund
  • Cumulative Channel Maintenance Fund
  • Cumulative Bridge Fund
  • Cumulative Building Fund for intrastate air transportation
  • Cumulative Building Fund to provide for the erection of levees, gates, and pumping stations, other facilities, or the addition to or improvement of the facilities on the levees
  • Cumulative Improvement Fund for the construction, additional construction, or repair of the works of a conservancy district
  • Cumulative Building Fund for the erection of new hospital buildings, the repairing, remodeling, and enlarging of old hospital buildings, and the equipment of new, enlarged, and old hospitals
  • Cumulative Building Fund to erect hospital buildings, additions, or other buildings, remodel buildings, or acquire equipment
  • Cumulative Firefighting, Building, and Equipment Fund
  • Public Transportation Corporation Improvement Reserve Fund
  • Cumulative Building Fund for the county courthouse
  • County Cumulative Capital Development Fund
  • Cumulative Building Fund, Sinking Fund, and Debt Service Fund for certain law enforcement purposes
  • Municipal Cumulative Capital Development Fund
  • Municipal Cumulative Building or Sinking Fund
  • Municipal General Improvement Fund
  • Cumulative Township Vehicle and Building Fund
  • Cumulative Building Fund for municipal sewers
  • Cumulative Drainage Fund
  • Cumulative Building Fund for building, remodeling, and repair of park and recreation facilities or purchase of land for park and recreation purposes
  • Cumulative Building and Sinking Fund for parks, land, and improvements
  • Township Park and Recreation Cumulative Building Fund

Please contact us today for assistance in getting the maximum out of your cumulative fund.

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