This information is from the 1993 New Albany Community Calendar:
THE MEANING OF THE NEW ALBANY CITY FLAG
"The Common Council adopted the official flag of the City of New Albany on October 1, 1962, as part of the preparations for the Sesquicentennial celebration-October 10, 11, 12 and 13, 1963.
Designed by artist and Sesquicentennial Committee member James J. Russell, the emblem represents, symbolically, 150 years of New Albany's growth since its founding in 1813 by Joel, Abner and Nathaniel Scribner.
The green background represents the timber-covered hills surrounding New Albany; the white shield--edged in gold--speaks of the character and courage of the many different peoples who helped build New Albany; the gold torch stands for enlightenment and liberty; the numerals --1813--represent the founding year, the 19 gold stars tell us that Indiana was the 19th state in the Union; the gold pilot wheel symbolizes New Albany's historic role as a river city.
This is our flag--drawn from the past for the future."
Freedom of Speech believes that we as citizens of New Albany should honor our "real" flag and not use it as fodder for satire.
