deposits of public funds

Term	Definition
deposits of public funds	IC 5-13-6-1(c) requires public finds to be deposited in the same form in which they were received. The following guidelines are recommended for compliance with this section of the law: (1) The cashing of employee payroll checks and employee personal checks should be prohibited. (2) Checks received in the mail in amounts which are over the amounts due a county for taxes and special assessments shall be applied to the amount of taxes and special assessments due and the remainder applied to the Surplus Tax Fund in accordance with IC 6-1.1-26-6. (3) Each County Treasurer should establish his/her own policy on receiving overpayments for taxes in the form of checks or money orders paid in person by taxpayers. If checks are made out in error for minimal amounts over the tax liability, change could be given back to the taxpayer for the difference. However, we do not recommend making change for taxpayers whose checks are in excesses of the taxes due by large amounts. (4) Each County Treasurer should establish his/her own policy on whether or not they accept checks for deposit which are made payable to other county departments i.e. checks made payable to the County Health Department. (5) Overpayments from companies who act as escrow agents for tax payers shall be deposited in the Surplus Tax Fund in accordance with IC 6-1.1-26-6. If it is not practicable to identify the individual components of the amount overpaid by parcel number before the next settlement of taxes, the entire amount could be carried on line 53 of the Treasurer’s Daily Balance of Cash and Depositories, County Form No. 47, until such time as the individual components can be applied by taxpayer and taxing district. Refunds cannot be made until after the overpayments are recorded in the Surplus Tax Fund Ledger and turned over to the County Auditor. As stated in prior articles in this publication, the Surplus Tax Fund Ledger may be turned over to the County Auditor at any time other than at each semi-annual settlement.

Term

Definition

IC 5-13-6-1(c) requires public finds to be deposited in the same form in which they were received.

The following guidelines are recommended for compliance with this section of the law:

(1) The cashing of employee payroll checks and employee personal checks should be prohibited.

(2) Checks received in the mail in amounts which are over the amounts due a county for taxes and special assessments shall be applied to the amount of taxes and special assessments due and the remainder applied to the Surplus Tax Fund in accordance with IC 6-1.1-26-6.

(3) Each County Treasurer should establish his/her own policy on receiving overpayments for taxes in the form of checks or money orders paid in person by taxpayers. If checks are made out in error for minimal amounts over the tax liability, change could be given back to the taxpayer for the difference. However, we do not recommend making change for taxpayers whose checks are in excesses of the taxes due by large amounts.

(4) Each County Treasurer should establish his/her own policy on whether or not they accept checks for deposit which are made payable to other county departments i.e. checks made payable to the County Health Department.

(5) Overpayments from companies who act as escrow agents for tax payers shall be deposited in the Surplus Tax Fund in accordance with IC 6-1.1-26-6. If it is not practicable to identify the individual components of the amount overpaid by parcel number before the next settlement of taxes, the entire amount could be carried on line 53 of the Treasurer’s Daily Balance of Cash and Depositories, County Form No. 47, until such time as the individual components can be applied by taxpayer and taxing district. Refunds cannot be made until after the overpayments are recorded in the Surplus Tax Fund Ledger and turned over to the County Auditor. As stated in prior articles in this publication, the Surplus Tax Fund Ledger may be turned over to the County Auditor at any time other than at each semi-annual settlement.