Carmel, IN – Carmel has received $3,081,275 in additional County Option Income Tax (COIT) distribution. Each year, the Indiana Department of Local Government Finance (DLGF) calculates anticipated COIT distributions. When more tax revenue is collected than estimated, these additional funds are then distributed.
Hamilton County’s portion of additional COIT, more than $13 million, was second only to Marion County’s distribution. The amount Carmel received was the highest of any city or town in Hamilton County. The additional COIT was deposited in Carmel’s Rainy Day fund at the end of January. This brings the total in the Rainy Day fund to more than $7 million.
“This is good news for Carmel citizens. Our administration has worked carefully with the City Council over many years to conservatively mange our budgets and our spending. As a result, Carmel’s 2009 ending operating balance for all funds was more than $39 million, a million more than we started with in 2009. Carmel is in a fortunate position, especially given what the recession has done to finances in other cities,” said Mayor Jim Brainard.
Contact: Nancy Heck (317) 571-2494
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