Latest news with #IndianaStateBoardofAccounts
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.
Yahoo
23-04-2025
- Business
- Yahoo
State audit gives county clean report
ANDERSON — The Indiana State Board of Accounts has given Madison County a clean audit for 2023. The state audit for that year found no reported errors and no questioned costs. The audit included audits of three public libraries: Pendleton, North Madison and Alexandria-Monroe. The audit was conducted by the consulting firm of Forvis Mazars. The 2024 audit results should be reported in September. Madison County Auditor Todd Culp said the audit revealed there were no significant deficiencies identified in internal controls over financial matters; no material weaknesses were identified; and no noncompliance was found. 'The results of the audit were exceptional,' Culp said. 'This was the first year (2023) we were mandated by the state to start GAAP (Generally Accepted Accounting Principles) reporting since 2019 that we earned an unmodified audit.' During the last meeting of the Madison County Commissioners, Culp gave credit for the audit report to former county auditor Rick Gardner, deputy auditor Robin Wagner, chief deputy Kara Clark and deputy Nicki Young. Wagner heads up the local audit team and Young manages grant reporting for the county.
