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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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2019 School Budget Planning:  A Transitionary Time

By Brock J. Bowsher, Manager, June 14, 2018
Latest News

It’s that time again. School corporations across Indiana need to start developing 2019 school budgets.

Budget preparation can be a laborious and time-consuming process, but adding to the already complicated process for 2019 are the fund changes effective January 1, 2019. School boards will adopt 2019 budgets with two new funds: Education Fund and Operations Fund. School budgets will no longer prepare general, capital projects, transportation, bus replacement (in addition to, if applicable: historical society, racial balance and art association, public playground) funds budgets. The Education Fund is to be used exclusively to pay expenses allocated to student instruction and learning. The Operations Fund will be used to track non-academic and non-debt expenses. School corporations will continue to use existing debt funds to prepare 2019 budgets.

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Do You Have a Financial Roadmap to the Future?

By Paige E. Sansone, CPA, Partner, May 31, 2018
Latest News

Many governmental units across Indiana, large and small, are facing financial challenges due to rising costs, declining revenues, lack of economic growth, and property tax losses due to Circuit Breaker Tax Credits and other legislative changes. All of these factors are changing the way we budget. Taking a short-term “fill-in-the-forms” approach to budgeting is no longer sufficient to the need. There is a greater urgency to extend planning horizons beyond one year and develop long-term cash flow projections to identify potential budget deficits and cash flow shortages before they occur.

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Utility Legislative Update

By Scott A. Miller, CPA, Partner, May 30, 2018
Latest News

The Dust Has Settled on an Extended 2018 Legislative Session that Saw Several Significant Utility Bills Enacted

There was a lot of drama surrounding the special legislative session called by the Governor to finish business undone at the end of the regular session. Utility-related issues were not impacted, however, since the legislature wrapped up its work on Indiana’s “wet” utility infrastructure prior to the March deadline.

Using a methodical approach towards understanding the needs of utilities, the legislature issued two new laws that could significantly impact the industry.

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Special Session Brings New Requirements for Redevelopment Commissions

By Matt Eckerle, Principal, May 29, 2018
Latest News

The May 14th special session of the Indiana General Assembly saw passage of HEA 1242 in both chambers, and the bill was subsequently signed into law by Governor Holcomb. Included in this law are new requirements affecting redevelopment commissions.

Effective July 1st, all redevelopment commissions will be required to hold an annual meeting during which it must present certain financial information for the governing bodies of the taxing units that overlap with the boundaries of established Tax Increment Finance (TIF) allocation areas. The requirement, which mandates long-term planning for TIFs and direct engagement with other taxing authorities, encourages increased communication between redevelopment commissions and its other taxing units.

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Utilizing TIF to Support Education in Your Community

By Matt Eckerle, Principal, May 17, 2018
Latest News

Tax Increment Financing (TIF) is traditionally viewed as a resource for funding infrastructure, downtown redevelopment or incentives to promote economic development in a community. TIF funds are not generally viewed as a possible source for funding educational programs or projects, but that is changing. Communities across Indiana are finding opportunities to partner with their local school corporations and educational institutions to allocate TIF funds in support of educational programs and capital projects.

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Cities and Towns Face Changes to Transportation Funding Distributions and Reporting Requirements

By Eric Walsh, CPA, Partner, May 17, 2018
Latest News

In April 2017, Indiana legislature passed HB 1002, a sweeping bill covering transportation infrastructure funding. Among the bill’s many provisions, of note were changes related to State motor vehicle highway distributions and how local governmental entities are permitted to use their distributions.

HB 1002 calls for an incremental increase in the amounts distributed from the motor vehicle highway account to state and local units to 60 percent for state units and 40 percent for local units after June 30, 2022. This reflects an increase from the current 53 percent and 47 percent for state and local units, respectively.

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