August 6, 2021

Property Tax Shortfalls are Common. Here’s how to Recover the Revenue.

A common occurrence amongst cities, towns, counties, and townships is that they often do not receive the full amount of property tax revenue that was approved in their respective original budgets. This issue can often be resolved, but it requires action on the part of local officials. A comparison between the amount of property tax revenue received and the amount expected in the original budget will typically reveal a discrepancy.  And while there exists a great deal of variance between the amounts associated with such shortfalls, it nevertheless remains prudent to compare how much is actually received to the budget. Unfortunately, a portion of this discrepancy may be due to circuit breaker credits or delinquencies by taxpayers, for which there […]
August 1, 2021

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). Other units may also benefit by preparing GAAP statements on a voluntary basis. IC 5-1-11.5-4* requires GAAP financial reporting for large counties, cities, and towns that issue bonds. This requirement applies to counties with populations in excess of 100,000 and cities and towns with populations greater than 75,000.  How does GAAP differ from the standard Indiana accounting practices that were developed over the years by fiscal officers and the State Board of Accounts?  The standard system focuses on appropriations and claims only one year at a time. Little attention is directed at the future. GAAP builds on that system by […]