Bargersville receives 2024 financial update showing higher interest income and a permanent revenue increase

At its Feb. 11 meeting, the Bargersville Town Council heard a financial summary for 2024 from Dustin Doyle, town finance staff, who reported higher interest earnings on pooled cash and a permanent revenue increase from a state appeal.

Doyle told the council the pooled-cash account earned $820,000 in interest on an average balance of $18,000,000 in 2024, compared with about $413,000 on an average $20,000,000 balance the prior year. He said the town’s utility bond accounts earned $730,000 for water and $540,000 for electric but that those bond accounts will be wound down by May 31 as projects are completed.

The report matters because the town will retain most—though not all—of the interest once post-issuance arbitrage calculations are completed this spring. "We will keep definitely over half of what we've earned," Doyle said. He said the arbitrage calculation is complex and that the final figures would likely be available by June or July.

Doyle also told the council the town’s appeal of an excess-growth allocation for 2024 was granted, producing an extra $373,000 in recurring revenue going forward. He said the State Board of Accounts (SBOA) completed the town’s 2022–2023 audit in August with small corrections, noted improvements in project accounting, and that the town is updating month-end presentation and reconciliation procedures to match SBOA preferences.

On 2025 goals, Doyle recommended continued focus on earning interest in safe instruments (treasuries), streamlining project accounting so bond project spending ties directly to bond records, and continuing to reduce credit-card fees. Council members thanked Doyle for the report and the improved results.

The financial update was presented for council review; no formal vote on the report was recorded.