County Council wants meeting to discuss use of interest revenue

ANDERSON — The Madison County Council is planning to meet with the county commissioners to develop a strategy concerning the Cumulative Capital Improvements and Asset fund.
Earlier this year the Madison County Board of Finance voted to place all of the interest earned on county general fund investments into the fund.
The commissioners placed $1.2 million into the fund, but several members of the council believed control over the funds rested within their purview.
Approximately $100,000 has been appropriated for repairs to the Bronnenberg Chapel by the commissioners.
The Indiana State Board of Accounts has agreed that the Madison County Board of Finance determines where interest funds can be deposited.
Council President Scott Green said Tuesday the intention to develop a strategy will involve a meeting to include Jodi Norrick, council vice president, council attorney Bob Clutter with the commissioners and county attorney Jeff Graham.
Councilwoman Kristi Grabowski said she wanted more feedback on who controls the interest earnings and recommended getting an opinion from the Indiana Department of Local Government Finance.
One of the issues to be resolved is a request from Madison County Sheriff John Beeman for $50,000 to purchase body armor for deputies.
Clutter said the state statute authorizing a Cumulative Capital Improvement Fund allows for the purchase of the body armor with the funds.
'The commissioners can appropriate the money,' Clutter said.
Sheriff Beeman would have to request the funding for the body armor from the commissioners.
Auditor Todd Culp said all the interest earned by the county's general fund investment goes into the Cumulative Capital Improvement and Assets fund.
OTHER BUSINESS
Culp said the county recently received $2.2 million from the state in local option income tax revenues.
He said normally the county receives $1 million per month in local income tax revenues.
Culp said the state holds tax collections in reserve until it reaches a certain percentage and the funds are released to the counties.
He raised a 2026 budget concern as a result of the 11-year cycle of a 27th pay period for county employees.
Culp said the council should include in the 2026 budget funds for the additional pay period in the amount of $1.3 million.
He recommended the council fund the 27th pay period from the Rainy Day fund, which has already earned $588,000 in interest this year.
Culp said by the end of the year, the Rainy Day fund should have a balance of $18 million.
Green said the council hopes to have a draft 2026 budget in place in July after council members have meet with department heads.
Culp asked that the council determine if a pay raise for county employees will be included in the budget early in the process.
'Make the decision early in the process rather than at the end of the budgeting process,' he said.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Business Wire

a day ago

• Business Wire

Culp, Inc. to Webcast Fourth Quarter and Fiscal 2025 Conference Call

HIGH POINT, N.C.--(BUSINESS WIRE)--Culp, Inc. (NYSE: CULP) today announced that it will provide an online, real-time webcast and rebroadcast of its fourth quarter and fiscal 2025 conference call on Thursday, June 26, 2025, at 9:00 a.m. ET. During this call, Culp will review the company's financial and operating results for the fourth quarter and fiscal year ended April 27, 2025. A press release announcing these results will be issued after the close of market trading on Wednesday, June 25, 2025. The live webcast of Culp's conference call will be available under the 'Upcoming Events' section on the Investor Relations page of the company's website, on Thursday, June 26, 2025, beginning at 9:00 a.m. ET. An online replay of the call will be available under the 'Past Events' section on the Investor Relations page of the company's website for 30 days. Culp, Inc. is one of the largest marketers of mattress fabrics for bedding and upholstery fabrics for residential and commercial furniture in North America. The company markets a variety of fabrics to its global customer base of leading bedding and furniture companies, including fabrics produced at Culp's manufacturing facilities and fabrics sourced through other suppliers. Culp has manufacturing and sourcing capabilities located in the United States, China, Haiti, Turkey, and Vietnam.

American Press

14-06-2025

• American Press

Jim Beam column:State Senate has cooler heads

Members of the Louisiana Senate have cooler heads when it comes to deciding on the value of proposed legislaion.(Photo courtesy of The Louisiana Senate, as it has done for many years, helped make the recently concluded legislative fiscal session more productive by killing some bad bills and taking some positive steps. However, the Public Affairs Research Council of Louisiana said the session saw an erosion of ethics and public records laws and diminished laws that promote accountability and transparency in government. The Senate, instead of eliminating the Revenue Stabilization Trust Fund and moving its $3.9 billion into the Budget Stabilization (Rainy Day) Fund for use with future budget needs, pulled $1.2 billion from the fund for valuable one-time projects. Senate amendments to the state budget that had been approved by the House set aside $709 million of that money for roads, bridges and similar work that has been delayed much too long, $273 million to boost economic development, $75 million for local water system improvements and $43 million for higher education delayed maintenance. The House passed sales and income tax changes that only went into effect Jan. 1. The Senate let the income tax cut die and used the sales tax bill to create the Local Revenue Fund to be used solely to offset local costs of eliminating the inventory tax. Republican Gov. Jeff Landry wanted $93.5 million for the LA GATOR school choice program that will give parents grants for private education., and the House approved that amount. However, Senate President Cameron Henry, R-Metairie, said last year only $43.5 million would be spent on what is a new state program. Henry said he made it clear on how much would be spent in order 'to make sure we don't grow government too fast.' The Advocate Friday reported that with just an hour left in the session, the Senate killed a controversial bill that would have barred companies from owning both pharmacy benefits managers (PBMs) and pharmacies. Landry got so upset, he said he would call the Legislature back in for a special session to address the issue. Henry said senators had concerns about the rapid pace at which the bill was being considered. The newspaper said the bill only emerged from a conference committee with the language addressing PBMs. 'There's a legislative process for a reason,' Henry said. 'That amendment did not have one ounce of public testimony through the process.' The newspaper said CVS, which owns both a PBM and a nationwide chain of drug stores, said the bill would have forced it to close 119 stores in Louisiana. Henry said the bill wouldn't have taken effect until 2027 anyway, which meant the Legislature could simply vote on the bill next year. Louisiana voters on March 29 rejected a complex constitutional amendment that would have provided permanent pay increases for teachers and school support workers. The funds would come from eliminating three education trust funds. Objections were raised about eliminating those funds and voters didn't like the complexity of that amendment. So they will see a simpler amendment on the April 18, 2026, ballot. The House and Senate worked together to come up with that amendment. It took three bills. One eliminated the trust funds, a second used those funds to lower teacher retirement debt and the third levied the raises — $2,250 for teachers and $1,125 for support workers. Here is some other action from the session. The Legislature approved a bill that aims to stop out-of-state doctors from prescribing abortion drugs. Both houses passed a bill that would require app stores to verify the age of users. A bill that would ban Louisiana's diversity, equity and inclusion (DEI) programs had Black legislators calling it racism. The bill passed the House but died on the Senate calendar. Passed a bill that aims to provide public access to certain juvenile criminal records, which drew considerable opposition from advocates for juveniles. Louisiana may be able to speed up executions after passage of an overhaul of post-conviction relief. It is expected to affect more than the state's 55 death row inmates. Approved an amendment, if approved by voters, that could make it easier to fire state workers who are protected by civil service. A special thanks to the state Senate and its President Henry for using so much common sense to bring some sanity to the legislative process. We needed the comfort they gave us in these trying times. Jim Beam, the retired editor of the American Press, has covered people and politics for more than six decades. Contact him at 337-515-8871 or Reply Forward Add reaction

Yahoo

12-06-2025

• Yahoo

County Council wants meeting to discuss use of interest revenue

ANDERSON — The Madison County Council is planning to meet with the county commissioners to develop a strategy concerning the Cumulative Capital Improvements and Asset fund. Earlier this year the Madison County Board of Finance voted to place all of the interest earned on county general fund investments into the fund. The commissioners placed $1.2 million into the fund, but several members of the council believed control over the funds rested within their purview. Approximately $100,000 has been appropriated for repairs to the Bronnenberg Chapel by the commissioners. The Indiana State Board of Accounts has agreed that the Madison County Board of Finance determines where interest funds can be deposited. Council President Scott Green said Tuesday the intention to develop a strategy will involve a meeting to include Jodi Norrick, council vice president, council attorney Bob Clutter with the commissioners and county attorney Jeff Graham. Councilwoman Kristi Grabowski said she wanted more feedback on who controls the interest earnings and recommended getting an opinion from the Indiana Department of Local Government Finance. One of the issues to be resolved is a request from Madison County Sheriff John Beeman for $50,000 to purchase body armor for deputies. Clutter said the state statute authorizing a Cumulative Capital Improvement Fund allows for the purchase of the body armor with the funds. 'The commissioners can appropriate the money,' Clutter said. Sheriff Beeman would have to request the funding for the body armor from the commissioners. Auditor Todd Culp said all the interest earned by the county's general fund investment goes into the Cumulative Capital Improvement and Assets fund. OTHER BUSINESS Culp said the county recently received $2.2 million from the state in local option income tax revenues. He said normally the county receives $1 million per month in local income tax revenues. Culp said the state holds tax collections in reserve until it reaches a certain percentage and the funds are released to the counties. He raised a 2026 budget concern as a result of the 11-year cycle of a 27th pay period for county employees. Culp said the council should include in the 2026 budget funds for the additional pay period in the amount of $1.3 million. He recommended the council fund the 27th pay period from the Rainy Day fund, which has already earned $588,000 in interest this year. Culp said by the end of the year, the Rainy Day fund should have a balance of $18 million. Green said the council hopes to have a draft 2026 budget in place in July after council members have meet with department heads. Culp asked that the council determine if a pay raise for county employees will be included in the budget early in the process. 'Make the decision early in the process rather than at the end of the budgeting process,' he said.