Fishers will be receiving $9.5 million in Local Option Income Tax money the state has been holding.  City Controller Oscar Gutierrez told the City Council Finance Committee the money will be coming into city coffers soon.

Mayor Scott Fadness told committee members his “gut instinct right now is to not go ‘shiny object’ on this, run out and spend the money.  I would probably tell you we should ‘park’ the money, think and really be strategic about where we get our best return on investment.”

The mayor added the cash could come in handy if infrastructure is needed for future economic development projects.

The state had been holding the money.  Legislation that passed this session of the General Assembly releases the funds to local governments.  This is in addition to the regular Local Option Income Tax revenue.

The schedule shared with the Finance Committee shows no additional payouts in 2017 to Fishers, but $1.3 million is to be paid in 2018, $2.1 million in 2019 and $2.2 million in 2020.

75% of these funds are to used for road projects, but localities can use the money for a wide range of road expenses, including maintenance.

In other Finance Committee matters…

With the Chairman of the Finance Committee, John Weingardt, taking over as City Council President , the Finance Committee voted to name Councilman Eric Moeller as committee chair.

In one last item of note, Moeller told his fellow committee members to be prepared for a discussion of elected officials’ salaries at the next session.  The plan is to have a recommendation to the full council on changes, in time for the upcoming budget cycle for 2017.