Latest news with #Cumulative
Yahoo
12-06-2025
- Business
- 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.
Chicago Tribune
23-04-2025
- Business
- Chicago Tribune
Town of Porter raises tax a penny toward capital improvements
The town of Porter is raising its property tax by 1 cent per $100 of assessed property value for its Cumulative Capital Development Fund. Council unanimously approved the increase Tuesday for the fund, which finances capital improvements for the town. Town Clerk-Treasurer Corinne Peffers noted the Town Council was allowed to increase the Cumulative Capital Development Fund portion of the property tax bill to a total of 5 cents per $100 of assessed value. The town has been collecting 4 cents per $100 of assessed value. The Town Council was permitted under the law to raise the Cumulative Capital Development Fund rate up to 5 cents per $100 of assessed value without going to the voters. Citizens do have a right to file for a petition for remonstrance 30 days after official notice is published on April 29. If a remonstrance is successful, the increase question would be put on the ballot. Porter is expected to collect about $20,000 more annually from the tax. The Cumulative Capital Development Fund is expected to generate $124,000 this year. Typically, the fund is tapped to help finance purchases such as the annual replacement of cruisers for the police department, Peffers said. Peffers said for a resident with a house with a tax value of $150,000 after deductions, the increase would amount to $15 more a year in property taxes. With the state legislature recently passing tax reform legislation that will reduce potential revenue for the town, Peffers said it is important that the town collect the maximum amount of dollars it can. Peffers noted that the town was using funds from the Redevelopment Commission to help pay for part-time firefighters to help the Volunteer Fire Department for this upcoming summer.
