Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Indiana's SB1 could shrink Bloomington revenue by millions, consultant warns
Summary
A municipal financial consultant told Bloomington City Council that Indiana Senate Bill 1 will change property and local income tax formulas and could reduce city revenues by millions at full implementation, with the county's decision on a 0.4% fire/EMS rate a key variable.
Eric Reedy, president of Reedy Financial Group, told the Bloomington City Council on May 14 that Indiana Senate Bill 1 (also discussed in the meeting as Senate Enrolled Act 1) will materially alter local revenue streams and could reduce the city's revenue base by millions once fully phased in.
"We project that there'll be a $6,000,000 loss tentatively in property tax at full implementation in 2032," Reedy said, and added that the change to local income tax will reduce the city's income tax revenue by about $7,420,000, yielding a combined $13,420,000 reduction in current revenue under the consultant's full-implementation scenario. He said the loss could be largely offset if Monroe County adopts a new 0.4% rate for fire and EMS, which Reedy estimated…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
