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Terre Haute City Council Approves Funds Transfer To Cover Shortfall
The Terre Haute City Council in Vigo County, Indiana has approved a $5 million transfer of the county’s redevelopment funds. The approval which was done on Tuesday afternoon will see the funds transferred to the city’s general fund to address a shortfall of the city general fund.
A 5-3 vote by the council members authorized the transfer of the county’s redevelopment funds which will begin on August 1st.
The council members also passed some regulations to address issues with transparency and accountability.
This transfer has also been supported by the Redevelopment Commission.
The law requires these two bodies, City Council and Redevelopment Commission, to approve the funds for the transfer to take place.
Terre Haute administrators said that money was badly needed to avoid the shortfall of the city general fund which would potentially leave the city without enough funds for employees’ salaries.
“The city council is working with four commercial banks in Indiana to finalize the sale of 4 million US dollars in tax anticipation warrants to fill up the shortfall,” said Mayor Duke Bennett.
Terre Haute is a city located in the Vigo County, Indiana, United States.
The Senate lawmakers in the State of Georgia on Tuesday voted unanimously to compel the Georgia Lottery to invest more money in Georgia’s most popular scholarship, HOPE scholarship, and Georgia's Pre-K Programs.
Senate Bill 5, once signed into law, would push Georgia Lottery program to transfer a specific amount of money from the program’s total revenue to the state each year to promote education initiatives within the state. For instance, the percentage will be 26.5% in Fiscal Year 2018, 27.5% in the fiscal year 2019 and 28.5% in the subsequent years.
The bill was sponsored by Senate Majority Leader Bill Cowsert who has been a serious critic of the Georgia Lottery program’s administrative costs. Mr. Cowsert has been saying that the move could raise more money for educational programs with a higher demand.
Meanwhile, the state law in Georgia encourages the Lottery program to return around 35% of ticket sales to the state’s educational programs, though it is not mandatory. Currently, the lottery’s return rate stands at 25.5%.
“We have the envy this nation in our HOPE scholarship programs and pre-k programs. The goal of this bill is to get enough funds that will run these two programs to run as efficiently as possible,” said Cowsert.
An audit which was released by the state early this year found that the lottery’s administration takes around 14% of the overall operating expenses. Though, this expense is not the major driver of the program’s costs.
Instead, expenses such as payouts to winners and advertising are the major driver of the lottery’s operating expenses. According to the audit, a small change in the expenses could have a major impact on the program’s bottom line.
To address concerns raised by the program’s official that the bill could bring negative impacts such as hurting sales, the bill stops mandated increases if lottery tickets’ net sales drop by 5% from the year prior.
Last year, the lottery returned a record $1 billion US dollars for education programs in Georgia.
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