October 19, 2021

Ten Ways to Raise Emergency Funds for Your Township

Written By: Curtis Coonrod [Revised: 10/19/2021] 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 […]
August 1, 2021

Why do Indiana local officials need to learn about GAAP?

Written by: Curtis Coonrod [Revised: 9/2021] 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. […]
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 […]
September 5, 2020

A Little Trick that Might Help You find More Money for your 2021 Budget

If you are starting to think about your 2021 budget, you might like to know a way to get a little more money. The Department of Local Government Finance provides Form 4b, which allows you to calculate the funds available for the coming year. One item you must take into account is the current year’s unspent appropriations (Line 2 on the old Form 4b and Line 5 on this year’s new Form 4b). That makes sense. Usually, if the money is appropriated to be spent this year, you should not use it for next year’s budget. However, most years, your township does not actually expend its full budget.  Now that we are halfway through the 2020 budget year, you may […]