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Finance committee approves $3,345.50 claims docket; staff expect two more retirement payments
Summary
The Michigan City Common Council Finance Committee on July 21 approved a $3,345.50 claims docket drawn from the rainy-day fund to correct retirement payments; committee staff said roughly two additional payments are expected through the end of August to finish catch-up.
The Michigan City Common Council Finance Committee on July 21 approved a claims docket totaling $3,345.50, with the Chair saying the amount comes from the rainy-day fund to cover retirement-payment corrections.
The Chair presented the docket and reported "we have $0, from our riverboat fund, $0 from the Boyd development Fund, and $3,345.50, on the rainy from the rainy day fund for a total claims docket of $3,345.50." A committee member asked whether that payment would be the last installment; a staff member responded, "Actually, we do have a few more," and estimated "probably 2 more through the end of August" to get everyone caught up.
After brief discussion the Chair sought a motion "to approve said docket." The motion was moved, supported, and approved with members responding "Aye." The Chair announced the claims-docket motion was approved unanimously.
The Chair also provided a cash-position update for two funds: a riverboat fund balance reported as $5,789,664 and a rainy-day fund balance reported as $1,101,730.85, for a combined total of $6,891,394.85. No committee members asked further questions about the fund balances.
The committee adjourned later in the meeting.
