From the Northwest Indiana Times:
The Town Council has approved transferring $100,000 from the redevelopment operating fund to the Munster rainy day fund.
Indiana state law allows municipalities to set aside 10 percent of the unused and unappropriated budget in a rainy day fund each year.
Created in December 2009, the fund holds money to be used in the event of an emergency, such as a flood, Town Manager Tom DeGiulio said.
“The state established a financing bucket where we can save for unexpected circumstances,” he said.
The first transfer of $100,000 was made in 2011 from the redevelopment operating fund and put into the Trust Indiana Fund, said Dave Shafer, clerk-treasurer.
Munster’s redevelopment operating fund gathers a small portion of the town’s maximum tax levy. The fund currently holds about $772,000.
“We’ve identified $50,000 in anticipated expenses through the end of this year that will come from this fund,” DeGiulio said.
The cash balances are high in the redevelopment operating fund, in part, because town officials have not earmarked a specific project to be funded with the money, he said.
http://www.nwitimes.com/news/local/lake/munster/munster-adds-to-rainy-day-fund/article_ca6dae33-4ddd-5635-9e51-35e4513136e3.html
