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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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In the World of Circuit Breakers, More Counties Turning to Local Income Tax

By Jason G. Semler, CPA, Partner, May 03, 2018
Latest News

Local Income Tax (LIT) is a resource that communities are increasingly relying on as pressures build on property tax revenues. With the greater flexibility now allowed since CAGIT, CEDIT and COIT were consolidated into a single LIT, you may wonder what options you have with the various rate components and how your county’s total rate stacks up to your peers.

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Next Level Roads Program (Part 1)

By Jeffrey P. Rowe, CPA, Partner, May 03, 2018
Latest News

In 2017 the State announced a 20-year program to begin implementing projects aimed at improving the condition of the State’s roads and bridges. The State released a plan for INDOT projects to be completed during the first five years and can be found at http://nextlevelroads.indot.in.gov.

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Update:  Supplemental LIT Distributions

By Paige E. Sansone, CPA, Partner, April 19, 2018
Latest News

Previously, we published an article that stated the supplemental distribution of LIT (to be distributed in May) should be receipted to the Rainy Day Fund. We have recently obtained information from the State Board of Accounts that indicates the supplemental distribution may be receipted to the Rainy Day Fund or the General Fund unless otherwise directed. If the distribution includes Economic Development and/or Public Safety LIT those amounts may be receipted to the LIT Economic Development (EDIT) and LIT Public Safety funds. The uses of the supplemental distributions are limited to the uses of the fund into which they are receipted.

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Does Your Website Have a Link to Gateway?

By Eric Walsh, CPA, Partner, April 19, 2018
Latest News

If your political subdivision has a website, you are required to permanently display a link to the Indiana Gateway for Government Units' website on your homepage.

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