The Chesterton Redevelopment Commission has transferred nearly half a
million dollars into three separate municipal accounts.
One of three transfers was to cover a shortfall in the General Fund. A
second, to reimburse the CEDIT account for a number of projects pursued in
the town’s tax increment financing district. The third, to cover the town’s
share of a new computer software platform purchased by the Utility but
installed on a town-wide basis.
The commission made those transfers--totaling $441,934.78--at its meeting
Monday night, by unanimous resolution.
The largest of the three transfers was of $179,397.50 into the General Fund,
to pay debt service on the bond issued to finance the municipal complex on
15th Street. Attorney Chuck Lukmann attributed the shortfall to
miscommunication and confusion between the Clerk-Treasurer’s Office and the
Indiana Department of Local Government Finance (DLGF). As a result, updated
information on the bond obligation wasn’t submitted to DLGF, which
subsequently didn’t approve the line item in the 2013 budget.
The second largest transfer was of $162,537.28 into the County Economic
Development Income Tax (CEDIT) Fund, to reimburse CEDIT for a number of
projects and expenditures--such as roadwork--which qualify as TIF projects
but were not originally pursued as such.
The last transfer was of $100,000 to the Utility’s Operating Fund, to pay
for the town’s share of the new software platform installed by Tyler
Lukmann said that the Indiana State Board of Accounts, the town’s contracted
financial consultant, London Witte Group, and the town’s contracted bond
consultant, Shanahan & Shanahan, all found the transfers to be proper and