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Road Funding Analysis - Part 2

By Andy Campbell, January 17, 2019
Latest News

“What about our roads?” We keep hearing this question across the state from communities large and small. In response, we have talked with communities about the options available. The answer usually comes down to one word, millage. The money coming from the State of Michigan is not going to be enough to handle the problems that have accumulated over time. Raising millage one way or another is the answer.

The next inevitable discussion amongst the community leaders is, “would our voters support a tax increase?” That is the million-dollar question, and the only way to get an answer is to ask. All across the state, communities of all sizes and types (cities, villages and townships) are voting road millages. These millages have varied from less than 1.0 mill to 6.0 mills. A funny thing is happening as well; many are passing (including the 6.0 mill plan). Communities are finding out that now is the time to tackle the roads. Even the new governor’s campaign slogan was all about roads. The average voter does not understand why their community cannot afford to keep the roads in perfect condition. People are fed up (maybe not at the right people) and they are voting ‘yes’ for many of their communities’ programs.

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News Release

By Umbaugh Announcements, January 10, 2019
Latest News

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Special Announcement:  Exciting News!

By Umbaugh Announcements, January 10, 2019
Latest News

We have great news. Umbaugh is pleased to announce our intention to join with Springsted Inc. (Springsted) and Baker Tilly Virchow Krause, LLP (Baker Tilly) to become one of the strongest municipal advisory and public finance practices in the business.

As you know, Umbaugh has been recognized as one of the fastest growing CPA firms in the nation. We are always looking for ways to improve our services, provide greater value to you and deepen our relationship. This strategic combination with Springsted and Baker Tilly brings together what we believe to be a unique set of resources to become a premiere municipal advisory practice. We remain dedicated to the public sector, serving state and local governmental units, public schools, utilities and non-profit organizations and most of all, continue our dedication to you, our loyal clients.

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Promotion to Principal

By Umbaugh Announcements, January 03, 2019
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Brock Bowsher works in Umbaugh’s School and Library Practice Group and assists school districts in the areas of comprehensive financial strategies and debt management.
Before joining Umbaugh in 2016, Brock worked with the Avon Community School Corporation and the Northern Wells Community Schools.

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Promotion to Principal

By Umbaugh Announcements, January 03, 2019
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Lindsay Simonetto joined Umbaugh in 2008 and has worked on a wide range of projects in various practice areas. She has assisted schools, counties, cities and towns, hospitals, and other local governments in bond financings, long-term financial planning, budgeting and more. Much of her focus is spent helping schools address capital needs through the issuance of bond financings.

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Preparing for Year-End

By Daniel A. Hedden, CPA, Partner, December 13, 2018
Latest News

It is hard to believe that 2018 is almost over! With the rolling of the calendar comes the need to close out the accounting year, prepare for annual reports and prepare for a strong start to the upcoming year. There are some things to consider now to make the year-end process easier and ease your workload in 2019. Below is a year-end checklist to consider. In addition, please consult the year-end duties set forth in the State Board of Accounts bulletins.

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Annual Financial Reports - Financial Management Reports

By Eric Walsh, CPA, Partner, December 13, 2018
Latest News

As the end of the year approaches it’s important to keep in mind the reporting requirements that municipalities will face in the New Year. On the top of that list is the Annual Financial Report (AFR) that must be submitted on Gateway by March 1st. The AFR requires that municipalities report cash and investment balances, receipt and expenditure detail for each fund, capital asset balances as well as a variety of other information. This reporting requirement can be time consuming for clerk-treasurers and financial staff.

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Outsourced Financial Management:  Part 2 in a Series

By Daniel A. Hedden, CPA, Partner, November 29, 2018
Latest News

As we noted in our previous article, outsourcing a municipality’s financial management functions allows management to focus on the municipality’s goals, growth and overall management of day-to-day operations. We also discussed how outsourcing can help entities with staffing issues.

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School Fiscal Indicators:  What to Know

By Brock J. Bowsher, Manager, November 29, 2018
Latest News

On January 1, 2019, fiscal indicators will be publicly available for all Indiana school corporations for the first time.

The Distressed Units Appeal Board (DUAB) committee, in accordance with Indiana Code, established the following fiscal indicators that will be available on the DUAB website beginning January 1, 2019:

• Average Daily Membership (ADM)
• December 31 Year-End Fund Balances
• Annual Deficit/Surplus
• December 31 Year-End Fund Balances as Percent of Expenditures
• Tuition Support per ADM as compared to General Fund Expenditures per ADM
• Annual Revenue by Type
• Operating Referendum Revenue as Percent of Total Revenue
• General Fund Salaries and Benefits as Percent of General Fund Expenditures

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2018 Bond Market Update

By Tim Sutton, Director of Bond Pricing, November 15, 2018
Latest News

2018 has been an interesting year in the Municipal Bond market. It has been the first year since 2013 that we have seen yields rise gradually, yet steadily, as the year has progressed. The year started off with a new federal tax plan and lower corporate tax rates. The lower corporate tax rates caused many institutional municipal bond buyers to re-think their tax-exempt strategy and focus more on taxable investments, thus reducing demand for Municipal bonds. Issuers losing the ability to do advanced refundings has taken quite a bit of supply away from the market. Reduced supply and reduced demand has allowed the Municipal bond market to function orderly in a rising interest rate environment.

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