From the Lafayette Journal and Courier:
Ripples of the 2008 financial collapse and the subsequent recession put the squeeze on personal and public finances, but Tippecanoe County government weathered the squall better than many counties.
More than four years after the financial collapse, Tippecanoe County expects to end 2012 with $3.5 million cash on hand and with about $11 million in its two rainy day funds.
“Twenty-five percent of our general fund balance is about where we are, and that has been precedent for what they’d like to have,” Auditor Jennifer Weston said Thursday, referring to the county council. “They will definitely need to have that conversation in some of our financial planning meetings coming forward — what to do with an additional $3.5 million.”
County commissioners in Indiana serve in the role of chief executives, much as a mayor. They do not directly approve budgets. County councils do that. But commissioners have input and make recommendations about the budget and fiscal policies.
“I think we have a comfortable amount of reserves,” Commissioner Tom Murtaugh said. “We’re far ahead of many other entities.
“The economy is still hanging on. Keep in mind (county income tax) funds greatly depend on the economy and also the assessed value of the county.”
Rainy day funds are relatively new to local government, Tippecanoe County Treasurer Bob Plantenga said. The state approved the accounts in 2004, and the county started with a modest $35,956.65 in one account and a little more than $1 million in the second rainy day account.
In seven years, those accounts have grown considerably.
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See the full article here:
http://www.jconline.com/apps/pbcs.dll/article?AID=2012309150037
