From the Kokomo Tribune:
As recommended by the state, Howard County has placed the additional tax revenues received through a state accounting error into the Rainy Day Fund.
The Howard County Council voted to transfer $815,010 from the county’s general operating fund into the Rainy Day Fund, which functions as a savings account.
All local taxing units received $4.2 million following a mistake discovered by the Indiana Department of Revenue earlier this year.
Howard County taxing units this year will receive an additional $3.7 million in county and local option incomes taxes and $533,900 in economic development income taxes.
The transfer of the $815,010 into the Rainy Day fund increased the balance in the fund to $2,074,906 or a 39 percent increase.
“This is the additional income tax revenue that came in from the state,” said Richard Miller, president of the council. “It was recommended by the state and agreed to by the commissioners.”
In addition to approving the transfer of the funds, the council passed a resolution so that a paper trail exists for the Indiana State Board of Accounts.
The council has to approve any appropriation from the Rainy Day Fund for the money to be spent.
Treasurer Martha Lake said Howard County received an additional $635,000 in County Option Income Tax revenue and $203,193 in County Option Economic Development Income Tax funds.
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http://kokomotribune.com/local/x1962233565/County-beefs-up-Rainy-Day-Fund-with-state-money
