Finance Committee Special Meeting: 08/27/2026

The City of Fishers Finance Committee held a special meeting on August 27, 2026, focusing primarily on the city's budget outlook, particularly property tax and local option income tax (LIT) revenues. Consultant Mike Ritter provided a detailed overview of recent property tax reforms, including the impact of Senate Enrolled Act One, which introduced deductions reducing the taxable base for homeowners and rental properties, and the annexation of Vermillion and Flat Fork areas into the city, affecting assessed valuations and tax levies. The committee discussed the six-year non-farm personal income factor that influences maximum levy increases, noting an unusual 6% increase for 2027, which could lead to higher tax rates given flat assessed valuations. The meeting also covered the complexities of LIT revenue distribution, upcoming legislative changes requiring municipalities to set their own LIT rates by 2028, and the challenges of allocating income tax revenues fairly among municipalities and the county. The committee acknowledged the city's strong cash reserves but expressed caution about future uncertainties in state tax policy and revenue projections. Plans were made to continue budget discussions with department heads in a subsequent meeting, including topics like capital projects such as road resurfacing and flood recovery expenditures.