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Clerk-Treasurer reports $6 million settlement; urges quick work session on general fund planning
Summary
The town received a $6,000,000 settlement from litigation involving a former theater; the Clerk-Treasurer said the funds were placed into TrustIndiana and urged council to schedule a work session to address general-fund cuts and upcoming costs.
The Clerk-Treasurer told the Town Council on March 17 that the municipality received a $6,000,000 settlement payment tied to long-running litigation with a closed theater property and that staff immediately placed the funds in TrustIndiana pending an investment plan.
The clerk said the deposit improves the town's emergency-fund position but urged the council to reconvene for a work session to discuss the general fund. The clerk highlighted two near-term pressures: an additional $840,000 police-related cost for the year and a Department of Local Government Finance (DLGF) request to reduce the general fund by about $2,000,000. The clerk asked council to reschedule a work session to begin planning cuts and priorities and said staff will meet with the town's bank investment advisor to seek low-volatility returns.
The clerk also described short-term cash-management steps: moving the settlement into TrustIndiana (a state-approved investment pool) and convening advisors to analyze investment options while the council develops a spending plan.
The clerk did not propose specific allocations for the settlement during the meeting; staff said they will return with options and that the money is being held in interim investment pending council direction.
Next steps: the clerk requested a council work session on the general fund and said staff will present investment-return options and a proposed plan for the settlement funds.
