Posted on October 4, 2017
Author Jacque Ryan, WKVI
The cumulative railroad revenue fund was established through an ordinance passed by the North Judson Town Council at their last meeting in September. The ordinance was passed in order to switch over the $94,820.19 in the previous railroad fund to the newly established account.
Clerk-Treasurer Alicia Collins alerted the council Monday night that the State Board of Accounts said she needed council approval before any funds could be transferred.
She informed them that the old railroad fund, as well as their credit card is currently at First Farmers Bank and Trust, while their general account is at First National Bank of Monterey. She asked the council whether they wished to move all the money in the old rail road account over to the First National Bank of Monterey or if they wanted to close out the old railroad account and start the cumulative railroad revenue fund at First Farmers Bank and Trust.
Council President Wendy Hoppe suggested keeping the railroad money at First Farmers Bank and Trust since they also have their credit card there. Councilman Josh Brown agreed stating that he felt it was a good idea to have money in more than one place.
Councilwoman Jane Ellen Felchuck added that the State Board of Accounts used to require money in multiple banks. Collins mentioned that although that is no longer a requirement it still seems like it would be in their best interest to have funds in both banks.
The council unanimously approved the transfer the money in the old railroad account into the cumulative railroad revenue fund while retaining First Farmers Bank and Trust as the depository.
Showing posts with label cumulative railroad revenue fund. Show all posts
Showing posts with label cumulative railroad revenue fund. Show all posts
Wednesday, October 4, 2017
Tuesday, September 19, 2017
Cumulative Railroad Revenue Fund Established During NJ Town Council Meeting
Posted on September 19, 2017
Author Jacque Ryan, WKVI
During the North Judson Town Council meeting last night, board members approved an ordinance establishing a cumulative railroad revenue fund for future payments from the railroad company and to transfer the money from the existing railroad capital improvement fund.
In the settlement agreement between the Town of North Judson and Chesapeake and Indiana Railroad Company (CKIN), it was arranged that the town will receive quarterly payments from the railway operator based on and coinciding with railroad traffic. A fund needed to be established in order to put those payments somewhere under the new agreement.
Clerk-Treasurer Alicia Collins mentioned that approximately $94,000 of unspent money from the railroad capital improvement fund was also re-positioned into this fund. In the past, money in the railroad capital improvement fund was solely limited to railway construction, repairs and refurbishing. With the shift, that money can now be spent for a number of reasons that were listed in the ordinance establishing the cumulative railroad revenue fund.
The funds can only be spent for the purposes listed in the ordinance. Authorized uses include capital improvements and general maintenance to town buildings and infrastructure, local matching funds for state and federally received grants, attorney and litigation fees as well as court costs, public safety equipment.
The funds can also be spent for the expenses of administering the cumulative railroad revenue fund other professional services including but not limited to financial advising, engineering and survey costs, certified appraisal fees and other associated expenses relating to railroads and other town projects.
The town council is permitted to approve and incorporate any other qualifying expenses that into the ordinance as things come up, as long as it is done in a meeting open to the public. After a unanimous approval from the board, the Cumulative Railroad Expense Fund went into effect. The fund is of perpetual existence or until the ordinance is duly repealed by the North Judson Town Council.
Author Jacque Ryan, WKVI
During the North Judson Town Council meeting last night, board members approved an ordinance establishing a cumulative railroad revenue fund for future payments from the railroad company and to transfer the money from the existing railroad capital improvement fund.
In the settlement agreement between the Town of North Judson and Chesapeake and Indiana Railroad Company (CKIN), it was arranged that the town will receive quarterly payments from the railway operator based on and coinciding with railroad traffic. A fund needed to be established in order to put those payments somewhere under the new agreement.
Clerk-Treasurer Alicia Collins mentioned that approximately $94,000 of unspent money from the railroad capital improvement fund was also re-positioned into this fund. In the past, money in the railroad capital improvement fund was solely limited to railway construction, repairs and refurbishing. With the shift, that money can now be spent for a number of reasons that were listed in the ordinance establishing the cumulative railroad revenue fund.
The funds can only be spent for the purposes listed in the ordinance. Authorized uses include capital improvements and general maintenance to town buildings and infrastructure, local matching funds for state and federally received grants, attorney and litigation fees as well as court costs, public safety equipment.
The funds can also be spent for the expenses of administering the cumulative railroad revenue fund other professional services including but not limited to financial advising, engineering and survey costs, certified appraisal fees and other associated expenses relating to railroads and other town projects.
The town council is permitted to approve and incorporate any other qualifying expenses that into the ordinance as things come up, as long as it is done in a meeting open to the public. After a unanimous approval from the board, the Cumulative Railroad Expense Fund went into effect. The fund is of perpetual existence or until the ordinance is duly repealed by the North Judson Town Council.
Subscribe to:
Posts (Atom)