Thursday, February 6, 2014

Times Reports Crown Point to Use Income Tax Funds for Streets

From the Northwest Indiana Times;

City streets in need of repair are expected to benefit from a portion of the Lake County income tax revenue distribution to Crown Point.
Money for the street rehabilitation work is planned to come from a projected total $1.34 million of county economic development income tax revenue over the next two years.
A capital improvement plan was approved by the City Council this week for use of the money. Detailed descriptions weren't included, but Mayor David Uran said road and street rehabilitation are the top priority.
Specifics of which roads and streets will be rebuilt weren't yet available, Uran said.
Total spending of $1.25 million in 2014 and 2015 combined was projected in the capital improvement plan.
Accounts to hold the income tax revenue were created this week by the City Council.
The city's share of the money is projected to be nearly $700,000 in local option income tax revenue and nearly $667,000 in county economic development income tax revenue.
The city received its first monthly distribution of $58,297 in local option income tax revenue late last month, officials said. The first economic development tax revenue distribution of approximately $55,570 is expected this month.
Just more than $355,560 of the city 's 2014 share of local option income tax funding has been allocated for spending on salaries and benefits of top-ranking police and fire officials. The allocation removes those costs from the general fund, which is paid from property taxes.
Another nearly $300,000 of the funding was set aside in the budget for as-yet unspecified capital outlays related to public safety.
Local option income tax funds can only be spent on public safety.