Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Schererville finance board accepts 2025 investment report, cancels $13,347.51 in stale warrants
Summary
The Board of Finance accepted the town's 2025 investment report, discussed falling interest earnings and an upcoming investment-policy review, approved cancellation of $13,347.51 in checks older than two years, and noted a $755,851.31 revenue shortfall mostly tied to TIF collections.
The Board of Finance on Feb. 11 accepted the town's 2025 investment report and moved to cancel stale warrants totaling $13,347.51.
Town Manager Jim Gorman presented the investment report, saying the town holds money-market investments at Old National, Trust Indiana, WindTrust and Peoples Bank and that earned interest declined during 2025 as market rates fell. "These are all liquid funds. They are, we can pull them out next day," Gorman said while explaining the town's use of invested dollars for projects and payroll.
Gorman also told members the town's current investment policy expires in July 2026 and that the investment committee will review and recommend updates. The board voted to accept the 2025 investment report.
On routine financial housekeeping, the board approved voiding checks older than two years and restoring those funds to their originating accounts. The treasurer reported the canceled warrants "totaled $13,347.51." That motion carried 5-0.
Gorman presented the debt-service report as information: long-term debt for 2025 totaled $4,154,648.68, leases paid totaled $1,000,354.29, and total outstanding debt at year-end 2025 was $19,793,556.71. No action was required on the debt report.
Finance members also reviewed tax-collection results. Gorman said overall property-tax collections were about 98.7145% of the certified budget. He noted excise and commercial-vehicle taxes exceeded expectations, but redevelopment (TIF) collections declined year-over-year and contributed to a 2025 revenue shortfall of $755,851.31, roughly 80% of which was tied to TIF receipts. The board asked staff to continue working with the county and the town's financial advisor to reconcile collections.
The board accepted the state treasurer's list of authorized depositories so staff may place town funds where appropriate.
The Board of Finance meeting adjourned after the accepted reports; no further action was taken.
