Finance committee approves $287,011 in riverboat claims; staff says receipts pending

The Michigan City Common Council Finance Committee on Jan. 21 approved claims totaling $287,011 from riverboat-related funds, the committee heard at its regular meeting.

Committee members approved $225,000 to Utilities Associates Inc. and $62,011 to Michigan City Transit as an 80/20 matching grant to support transit vehicle purchases, a finance staff member said. The committee approved the claims by voice vote; both members present voted aye.

The items were presented as part of the committee’s review of the riverboat, riverboat EFT and Boyd Development funds. A finance staff member reported the riverboat fund’s fiscal-year-to-date ending balance for Jan. 31, 2025 as “$295,472.91.” The staff member also reported a rainy day fund balance of $1,848,763.71 and a grand total ending balance of $2,144,236.62.

Committee members discussed that the reported cash position reflects encumbrances and committed amounts. The staff member said about $500,000 is already obligated to a previously approved project, which reduces money available for new expenditures. The staff member also said January receipts, including admissions tax and wagering receipts, had not yet posted to the account and that a deposit was expected to appear on the next report.

Committee members and staff noted there will be resolutions and ordinances on the full council agenda later that evening related to finances, and members should expect public questions about funding for two new positions mentioned for the council agenda.

The committee also approved minutes from its Jan. 7, 2025 meeting and then adjourned.