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Latest News

Why are State-Distributed Highway Revenues Decreasing?

By Paige E. Sansone, CPA, Partner, September 20, 2018
Latest News

While in the midst of budget season, you may have noticed that the State’s estimates of the Motor Vehicle Highway distributions for the last half of 2018 and 2019 are lower than the estimates provided last year. One explanation may be House Bill 1290 passed earlier this year. This piece of legislation changed the distribution formula of Motor Vehicle Highway revenue to local units of government.

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New Funding Options for County Correctional and Rehabilitation Facilities

By Jason G. Semler, CPA, Partner, August 16, 2018
Latest News

For most communities, a big part of the budget process is prioritizing where the money should go. Sadly, the funds available usually run out before the needs.

This year, legislation was amended that provides some help for counties funding expenses related to correctional and rehabilitation facilities. Under the legislation, county fiscal bodies are permitted to adopt an ordinance to impose (within the local income tax expenditure rate) a tax rate to assist with funding expenses related to correctional facilities and rehabilitation facilities in the county.

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New Asset Management Plan Requirements

By Doug L. Baldessari, CPA, Partner, August 09, 2018
Latest News

Utilities in Indiana and across the nation are faced with an impending infrastructure crisis. Many are already presented with the need to replace hundreds of millions of dollars of infrastructure assets, and more will follow in the decades to come. What solutions are there for utilities to properly plan for and fund future infrastructure replacements and improvements?

Indiana’s State Revolving Fund (SRF) Loan Program has a proposed solution. Nearly 400 Indiana communities have utilized SRF’s low-interest financing since 1991 to improve wastewater and drinking water infrastructure. While utilities are familiar with SRF loans, going forward there are new requirements to the Asset Management Program (AMP). To secure necessary project funding, utilities should be prepared to update existing documentation regarding their AMPs.

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Umbaugh Recognized

By Umbaugh Announcements, August 06, 2018

Our greatest reward at Umbaugh is doing good work for our clients, knowing we are contributing to solving issues critical to you and improving the lives of those in your communities. It’s also nice to be recognized by our peers in business, and that’s what happened.

Inside Public Accounting (IPA) Magazine recently announced the rankings of the nation’s largest public accounting firms. Umbaugh’s ranking has moved up six places on its list of top 200 CPA firms in the nation. In addition, Umbaugh has again earned recognition as one of the “Fastest Growing Firms” in the top 200 firms list.

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Congratulations John Seever!

By Umbaugh Announcements, July 26, 2018
Latest News

Umbaugh Partner John Seever was elected to serve at three year term as the Indiana Director to the American Water Works Association’s (“AWWA”) Board of Directors. The AWWA has over 52,000 members in North America and is the oldest and largest organization representing the water industry in the U.S. The AWWA Board of Directors establishes policies for the overall management and direction of water affairs. He has also been selected to serve on AWWA’s National Finance Committee. John has been active in Indiana Section AWWA for many years, previously serving as Chair of the Indiana Section.

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The Benefits of CAFRs

By Daniel A. Hedden, CPA, Partner, July 26, 2018
Latest News

What is a CAFR and what are the benefits of preparing one? A CAFR is a Comprehensive Annual Financial Report. Preparing a CAFR allows the unit of government to participate in the GFoA’s Certificate of Achievement for Excellence in Financial Reporting program joining over 4,200 other government (about 4% of all governments in America). This program is most beneficial to entities that already, or soon will be, required to report financial statements in accordance with Generally Accepted Accounting Principles in order to issue debt, have a continuing disclosure requirement for audited financial statements and/or receive an audit each year.

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Annexation and the Upcoming Census:  What You Need to Know!

By Deen C. Rogers, CPA, Partner, July 12, 2018
Latest News

Unbeknownst to many, state law prohibits an annexation ordinance from becoming effective during the year preceding a federal decennial census. In other words, cities and towns are not allowed to make an annexation effective in 2019. This includes whether the annexation is municipally-initiated, voluntary, or super-voluntary. What does this mean for Indiana municipalities seeking to annex in the upcoming 6-18 months?

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Property Tax Debt:  Planning for Operating Balance Change

By Lindsay Simonetto, CIPMA, Manager, July 12, 2018

Are you looking to closely monitor your debt service levy and/or tax rate? An important part of doing so is monitoring the debt service cash balance (line 11 on Form 4-B).

In 2014, legislation was introduced by the State Legislature that limited the amount of cash balance local units of government could carry in debt service funds. Prior to 2014, units could levy enough to cover not only their total payments for the upcoming budget year, but also enough to end that budget year with an additional six months of funds. In other words, debt essentially carried a 50% operating balance.

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New SBOA Reporting Requirements

By Jeffrey P. Rowe, CPA, Partner, June 28, 2018
Latest News

On June 12, 2018 the State Board of Accounts announced new reporting requirement for all governmental units. The objective of the reporting requirement is to provide a more efficient and cost effective audit process by doing more monitoring, planning and audit work prior to coming on site.

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Municipal Securities Reclassified in New Senate Banking Bill

By Susan Borries Reed, Director of Disclosure Strategy and Services, June 28, 2018

On May 24, 2018 President Trump signed into law the Economic Growth, Regulatory Relief, and Consumer Protection Act, the largest banking bill since Dodd Frank. Also known as the Senate Banking Bill, it rolled back many provisions of Dodd-Frank and relaxed some regulations covering fiduciary responsibilities.

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