Local government finance

January 5, 2017


“How do I know I can trust all these people?” A newly-elected official once asked us that question. He inherited a staff from his electoral opponent, the former office holder. He wanted continuity of operations, so he did not want to fire everyone. He knew, these people from his time on the fiscal body. Basically, he trusted them, but he did not hire them. He did not want any of them to get him into trouble. Here was our advice: Even if you think you know people, you don’t. Besides, public office is a public trust. Your job is not simply to trust people you know, but to put in place sound security systems to safeguard public assets. Think back […]
January 26, 2016

Property Tax Shortfalls

Did you receive your share of property taxes? Mayors, trustees, clerk-treasurers, and controllers all should be concerned about whether the correct amount of property tax has been received from the county. It may surprise you to know that settlement of property tax is not an exact science. Rarely does a unit receive exactly the amount of property tax that was approved in its annual budget process. Variances up to 3% are not uncommon. For almost any unit, 3% of the property tax settlement is an amount worth investigating. If you receive less than the expected amount, your unit will be short cash. This article will explain how you may be able to recover that shortfall. It is also a problem […]
October 14, 2015

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). IC 5-11-1-4 now requires GAAP financial reporting for counties, cities, and towns that issue bonds, on the following schedule: CITIES AND TOWNS: Calendar year 2016 (reports filed in 2017) for cities & towns over 250,000 population Calendar year 2018 (reports filed in 2019) for cities & towns over 100,000 population Calendar year 2019 (reports filed in 2020) for cities & towns over 75,000 population COUNTIES: Calendar year 2016 (reports filed in 2017) for counties over 250,000 population Calendar year 2018 (reports filed in 2019) for counties over 175,000 population Calendar year 2019 (reports filed in 2020) for counties over 100,000 population     How does […]
July 28, 2015

Budget Disaster! Don’t Overlook An Extra Payroll in 2015, 2016, or 2017

Like Halley’s Comet, the calendar is cranking around to another odd year in which an extra payroll may be due. That could cause a budget disaster for units that are unprepared. If you are one of the type of persons that feel you can’t do it by yourself you can get help and advise from an attorney, a great law firm is Attorney Coalition DC, it has great attorneys that work with you in every step of the way and in any type of case. Most units pay employees every two weeks. In most years, that means the budget includes 26 paydays. From year-to-year, the only budget concern is whether to offer a raise and whether to add or eliminate […]
May 5, 2015

Local Governments can expect a 2.5% increase in their maximum property tax levies in 2016

Each year, the maximum amount of property tax revenue (levy) that may be generated by a local civil government unit is adjusted to account for growth and inflation. For those looking to purchase a new property, it would be best to meet with a realtor, like Eddie Yan Burnaby realtor, for guidance on buying your new home. This article is intended to explain this calculation and the impact on your 2016 budget. How is the annual adjustment to maximum levy calculated? Legislation stipulates the six-year moving average increase in Indiana, non-farm personal income (as published by the federal Bureau of Economic Analysis) is the factor used to adjust the maximum levy each year. Will the amount of my local unit’s […]