March 22 2018 Newsletter (888) 516 9594
   
Supplemental Local Income Tax (“LIT”) Distributions in May 2018
 

Each year, the State Budget Agency makes a determination as to whether each county’s local income tax trust balance (held at the State level) exceeds 15% of certified distributions. Excess balances above 15% are to be distributed to each affected county as “Supplemental LIT” by May 31. Supplemental LIT should be deposited in a unit’s Rainy Day Fund and must be appropriated by the local fiscal body.



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Now is the Time for Asset Management Planning
 

Recent studies by the EPA and American Water Works Association (AWWA) estimate the nation’s infrastructure replacement needs in the hundreds of billions of dollars. These studies reinforce Indiana’s own findings. The Indiana Finance Authority’s (IFA) 2016 study identified an immediate need for $2.3 billion just to replace outdated water infrastructure assets. At the same time, many Indiana communities are facing implementation of wastewater long-term control plans, which for some communities is the largest infrastructure project they have ever undertaken.



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