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Lawrenceburg council hears presentation on adopting cumulative capital development (CCD) tax; no vote taken
Summary
City council heard a presentation from Reedy Financial Group on creating a cumulative capital development (CCD) fund that could shift tax allocations and generate new capital revenue if adopted; council members said they want more time to review before deciding.
Lawrenceburg City Council members on Jan. 23 heard a presentation from Tim Schrecker of Reedy Financial Group about establishing a cumulative capital development (CCD) fund, a local option property-tax mechanism the consultant said most Indiana cities use to raise money for capital projects.
Schrecker told the council that "CCD fund is short for a cumulative capital development fund. It's a fund that any city or county can do; cities can do up to 5¢." He said the city’s gross levy for a CCD at the recommended rate would be about $263,000 and that the fund would likely net roughly $230,000 on the property-tax side. After accounting for associated financial-institution and excise taxes, Schrecker estimated the city could net about $190,000 a year in additional funds for capital purposes if it adopted the CCD.
The consultant said most units in the state have a CCD and described how adopting one changes the allocation of existing property-tax revenue…
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