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CEDIT: Fund distribution plans

January 19, 2012

COLUMBIA CITY – Whitley County Board of Commissioners Chairman Don Amber presented a proposed Capital Improvement Plan for the county Tuesday. The plan must be adopted by the county in order to receive its certified distribution of County Economic Development Income Tax (CEDIT) funds.

CEDIT funds are funds paid by taxpayers and deposited with the state. The funds are then redistributed, including to the county.

Uses for CEDIT funds must be outlined in the plan, and may be used only for one of eight subsections under state statute, such as economic development projects, payment of lease rentals for a capital project, or operating expenses of a governmental agency planning to implement economic development projects.

Should the plan be adopted by the Commissioners, it will be an outline for a term beginning Jan.1, 2012 and continuing through Dec. 31, 2013.
At this point, all figures listed in the plan – spending or revenue – are estimates; exact figures will be known as revenue comes in and specific projects get closer.

The estimated funds are allocated in the plan, but will ultimately come down to actual cost and need.

“The plan is not in cement. It can change and does change as different things come up,” said Commissioner Tom Rethlake.
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