A Safe Place for Hoosier Cash

By March, Indiana legislators expect to pass a property tax relief package that will likely cut an average homeowner's bill by a third. That's good...
by | February 6, 2008

By March, Indiana legislators expect to pass a property tax relief package that will likely cut an average homeowner's bill by a third. That's good news for property owners, but for schools and local governments, that could mean a loss of millions. A new investment fund operated by the state, however, is offering counties, cities and schools a way to make a little extra cash amid these cuts. The goal of the TrustINdiana program is to give local governments a safe, liquid place to pool their money, earn more interest and avoid fees associated with using traditional banks. The program has no minimum investment amounts and no transaction fees, and participants have immediate access to their fundss. Furthermore, the state has added safeguards aimed at avoiding the kind of problems local-government investment pools in Florida and Montana recently experienced. The TrustINdiana safeguards include avoiding risky, questionable investments and hiring an outside management company to oversee the fund. The state also plans to invest $250 million in the fund to show local governments it's safe.