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Council to consider new investment-interest fund and intra-year transfers

Gary City Common Council Finance Committee · November 11, 2025

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Summary

Administration proposed creating a special investment-interest fund to track investment income and requested a $75,000 transfer to support the clerk’s recodification work; the committee approved discussing fund setup and budget amendments before forwarding ordinances to council.

The administration asked the finance committee to authorize the creation of a new special investment-interest fund (fund 8501) to segregate and track investment income and to approve an initial appropriation to a grants-and-subsidies line.

A finance presenter said the fund will be used to account for investment earnings separately from general fund operations and proposed an initial $300,000 appropriation under grants and subsidies to supplement the general fund as necessary.

Separately, the clerk asked the committee to approve a transfer ordinance moving $75,000 from the clerk’s salary line to professional services to finish recodification work and other projects needed for 2026. The clerk said recodification will be finalized within the coming months and that the transfer is to ensure completion of coding and editorial services.

Next steps: staff will finalize ordinance language; committee discussion did not result in a vote during the hearing and the items were scheduled for council review.