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Update:  Supplemental LIT Distributions

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

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.

According to an informational report from the State Budget Agency dated November 15, 2017, the counties listed below have excess balances above 15% in their trust accounts.  Please note that the numbers listed below are estimates.  The actual distributions will not be finalized until May, 2018.

 

County

Estimated
Supplemental
LIT by County
Boone  $         916, 428
Clark 2,385,506
Crawford              157,041
Dearborn 241,150
DeKalb 235,689
Dubois 602,173
Elkhart 3,445,381
Floyd 1,617,889
Gibson 1,650,594
Hamilton 12,680,207
Hendricks 852,868
Howard 750,177
Kosciusko 6,234,666
LaGrange 44,345
Orange 57,734
Owen 1,777,855
Randolph 259,368
St. Joseph 4,424,392
Switzerland        49,365
Tippecanoe 1,492,728
Wabash 1,022,821
Warrick 628,372

 

If you have questions about Supplement LIT or any other budgetary planning, please contact us at .(JavaScript must be enabled to view this email address).

Information in this article was believed current as of the date of publication. As you know, changes occur frequently. The information presented is of a general educational nature. Before applying to your specific circumstances, please contact us at vision@umbaugh.com.


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