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October 19, 2021

Ten Ways to Raise Emergency Funds for Your Township

Written By: Curtis Coonrod 1. Reallocate Local Income Tax (LIT)  Townships generally receive a share of local income tax with the revenue being budgeted in one or more funds. However, the Township Trustee is not bound by that portion of the budget. In fact, the Trustee has the authority to make reallocations such as redirecting LIT revenue during the year. This is done ideally by obtaining a Board resolution, though it is not a requirement to do so.  For example, suppose that one half of your township’s LIT revenue is budgeted in your Township  Assistance Fund with the other half in the Fire Protection Fund. The Trustee can effectively redirect some of the LIT revenue so that only one quarter […]
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 traditional Indiana accounting practices that were developed over the years by fiscal officers and the State Board of Accounts?  The traditional 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 […]
December 11, 2020

2020 Tax Rates per Civil City

City Tax Rate Rank Bluffton Civil City  0.5508  1 Rising Sun Civil City 0.6009 2 Woodburn Civil City  0.6154 3 Greenwood Civil City  0.6558  4 Rensselaer Civil City  0.6683 5 Batesville Civil City  0.6941 6 Fishers Civil City 0.7115 7 Crown Point Civil City 0.7287 8 Lawrence Civil City 0.7449 9 Southport Civil City  0.7751 10 Westfield Civil City  0.7779 11 Carmel Civil City  0.7877 12 Loogootee Civil City  0.7979 13 Lebanon Civil City  0.8205 14 Jasper Civil City 0.845 15 Columbia City Civil City  0.8788 16 Bloomington Civil City 0.8978  17 Greenfield Civil City  0.9083 18 West Lafayette Civil City  0.9204  19 Rochester Civil City 1.0067  20 Auburn Civil City  1.024 21 Gas City Civil City  1.0395 22 Scottsburg […]
December 10, 2020

2020 Rainy Day Funds per Civil City

City Balance Rank Noblesville Civil City $15,964,656 1 Carmel Civil City $11,289,263 2 South Bend Civil City  $10,708,300 3 Elkhart Civil City  $9,550,664 4 Lafayette Civil City  $5,566,994 5 Columbus Civil City $4,955,085 6 Bloomington Civil City $4,856,668 7 Jeffersonville Civil City  $4,658,364 8 Franklin Civil City $4,390,090 9 Plymouth Civil City  $4,371,528 10 Valparaiso Civil City $4,315,169  11 Evansville Civil City $3,081,421 12 Westfield Civil City $3,003,180 13 Greenwood Civil City $2,551,842 14 Auburn Civil City  $2,388,800  15 Goshen Civil City $2,154,517 16 Fort Wayne Civil City  $2,085,218  17 Jasper Civil City  $2,024,274 18 Warsaw Civil City $1,805,154 19 Fishers Civil City $1,798,785 20 Vincennes Civil City  $1,731,577 21 Lebanon Civil City $1,722,761 22 Greenfield Civil City $1,541,581 23 […]