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Finance committee to create separate construction and debt accounts for GEO bond
Summary
Committee members agreed to move an administrative change to separate GEO bond construction funds from debt‑service funds to the council for formal approval, following state Board of Accounts guidance.
City staff told the Logansport City Council Finance Committee they need to rename and separate the existing GEO Bond account to comply with preliminary guidance from the State Board of Accounts. The proposed change would rename the current account to “GEO Construction Bond Fund” to hold unspent construction proceeds and create a new “GEO Bond Fund” to record debt payments.
Staff characterized the change as an accounting and compliance step required for the upcoming budget process and said the separation will make it clear which funds represent capital expenditures versus debt service. Committee members agreed to move the item to the Aug. 4 council agenda for formal action.
No new borrowing or policy change was proposed at the committee meeting; staff framed the request as an internal accounting update to satisfy state reporting requirements.
