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Latest News

New Legislation Could Affect Your Maximum Levy

By Paige E. Sansone, CPA, Partner, May 26, 2016
Latest News

Beginning in 2017 the Cumulative Capital Development fund will be outside the maximum levy limit. You’re probably thinking, “Hasn’t that fund always been outside the levy limits?” The answer is no--not exactly.

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SEA 67 Follow-up

By Umbaugh Announcements, May 12, 2016
Latest News

We would like to update you regarding SEA 67 and Local Option Income Tax (LOIT), a special distribution fund. The article, in our previous newsletter, stated the county’s share of the distribution for restricted uses was to be deposited in fund 1228. The new fund number is 1229 and identified as LOIT Special distribution.

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Municipal Wheel Tax Now Allowed for Larger Communities: June 30 Deadline

By Paige E. Sansone, CPA, Partner, May 12, 2016
Latest News

New legislation allows towns and cities with population of 10,000 or more to adopt a municipal wheel tax and surtax. The June 30 deadline is quickly approaching for those municipalities that want to implement the taxes for 2017.

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One-Time Special LOIT Distribution

By Paige E. Sansone, CPA, Partner, May 06, 2016
Latest News

Before June 1, 2016, many taxing units will receive a one-time distribution of Local Option Income Tax pursuant to Senate Enrolled Act 67. For counties and municipalities, 75% of the distribution will be restricted to the following uses:

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Consolidating Local Income Taxes into One Income Tax

By Jason G. Semler, CPA, Partner, May 05, 2016
Latest News

During the 2015 legislative session, the Indiana General Assembly passed legislation designed to consolidate and simplify various local income taxes by repealing the existing local income tax laws and replacing them with a single new local income tax (LIT). The General Assembly also made additional modifications to the new law as well as some technical corrections during the 2016 session. The new law becomes effective July 1, 2016 for income taxes to be received in 2017.

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2016 Legislative Summary – Utilities

By Scott A. Miller, CPA, Partner, April 27, 2016
Latest News

2016 Legislative Summary – Utilities

Earlier this spring, the Indiana Legislature completed its work related to the 2016 General Session. Several of the proposed bills that found their way to the Governor’s desk and were signed into law impact utilities. Four of those newly enrolled acts are summarized below.

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New Legislation Affects Critical Dates on Your Calendars

By Paige E. Sansone, CPA, Partner, April 14, 2016
Latest News

You need to re-synch your calendars because Senate Enrolled Act (SEA) 321 enacted in the 2016 legislative session changes numerous local government budgeting and scheduling points. Put these new deadline changes on your calendar. Some changes are effective in future years, while others affect 2017 budgets. Please call us if you have questions.

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Umbaugh Top 10 in National Rankings

By Umbaugh Announcements, April 04, 2016
Latest News

Umbaugh says “Thank you!” to our many clients. We are proud to be ranked in the top 10 of all municipal advisors in the U.S. by the Thomson Reuters reporting company. For 2015, Umbaugh ranked sixth in the nation based on the total number of bond issues (up from 11th in 2014) and fourth in the nation for the number of “small” municipal bonds. (Thomson Reuters considers a small bond an issue of $10 million or less).

Umbaugh served as municipal financial advisor to 201 Midwest bond issues in 2015 ranging from $300,000 to over $150 million and totaling over $1.7 billion. (These statistics do not include the many State Revolving Fund (SRF) and Rural Development (RD) financings on which Umbaugh worked last year).

As the municipal marketplace becomes more complex, and as the municipal advisor regulatory requirements bring a greater level of scrutiny, it is important for issuers to work with advisors who have a depth of experience. As our tag line says, “It’s all about Experience”.

But as we grow to meet the diverse needs of our clients, we remain true to our roots. Nothing pleases us more than driving through the communities we serve to see the results of our work and to improve the quality of life. It’s our mission!

Thank you again for trusting us to be of assistance on such important work throughout your communities. We appreciate the opportunity to be of service.

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Cumulative Funds

By Paige E. Sansone, CPA, Partner, March 24, 2016
Latest News

Is it time to establish or re-establish the rate on your cumulative fund? The main reasons to do so include: accumulating funds for future capital expenditures, eliminating or reducing the need to borrow (and the interest costs that go with it) and, in some cases, alleviating burdens on operating funds.

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Seever Elected to Chair of the Indiana Section AWWA

By Umbaugh Announcements, March 09, 2016
Latest News

Umbaugh Partner John Seever has been elected chair of the Indiana Section American Water Works Association (“AWWA”). The Indiana Section has more than 1,200 members representing 380 drinking water providers and 340 independent engineers, consultants, water industry suppliers and vendors. AWWA is the oldest and largest resource for promoting safe drinking water.

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