City-County to Receive Additional $41 Million from State Revenue Adjustment

City-County to Receive Additional $41 Million from State Revenue Adjustment

BY: City of Indianapolis - USA
Post ID: 32898 | POSTED ON: Apr 05, 2012

INDIANAPOLIS — Today the State of Indiana Office of Management and Budget announced a correction of tax payments to local units of government statewide, including the City of Indianapolis and Marion County. The new distributions will cover tax revenue originally due in 2011, additional revenue for 2012, and updated revenue projections for 2013 and beyond.

“I want to thank Governor Daniels and his administration for quickly addressing this situation, once it was discovered,” said Mayor Greg Ballard.

The additional tax distributions total $17.7 million to the City-County for 2011 and $23.6 million in 2012. City-County tax revenue projections will increase by an estimated $23 million in 2013, thereby lowering the projected budget shortfall from an estimated $70 million to $47 million.

“I am directing the City Controller to hold this unanticipated and unbudgeted revenue in reserve to help address our 2013 budget needs,” said Mayor Ballard. “This new money does not remove the pressure on us to continue to cut costs and find new savings, and it will require city and county agency heads and elected officials to live within their means and fight the urge to spend it now.”

Editor’s Note: The additional distribution totals approximately $55 million for Marion County and all of its various taxing units. The above numbers reflect the amount that would be available to the City-County general operating funds. The remaining funds will be disbursed to other local taxing units or directed to dedicated funds through the normal revenue procedures and tax/distribution formulas.

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