Starke Council Approves Cumulative Capital Rates

The Starke County Council after a public hearing last night established the Cumulative Capital Development Fund and the Cumulative Capital Bridge Fund. New requirements from the Department of Local Government Finance requires that cities, towns and counties publicize and establish these funds on an annual basis. If these entities do not establish these funds, their share of the money gets split up among other counties in the state.

The funds, which are outside of the tax levy, are already established but the amounts need published. The council approved a motion establishing the funds at a rate of no more than .0333 cents per $100 of assessed property value for each fund. This is for the year 2014.

The council was required to discuss this matter in a public hearing – information they learned only recently during a DLGF workshop on July 12. This information must go back to the DLGF before Aug. 1.