By Patricia Bogumil
Editor
The Village of Waterford tax levy will stay the same amount it has been since 2009 under a 2015 budget proposal to be presented Monday.
Under the 2015 budget proposal, the village levy stays at $2,693,142 in taxes – the same amount levied seven years in a row.
“That’s the most important point about our budget – that the tax levy remains the same,” said Board President Tom Roanhouse.
To achieve that goal, some of the budget’s general fund balance was moved to keep the levy down, explained Roanhouse.
“We know we can’t continue to have a no-tax levy increase,” he added. But, for 2015, board members thought it important to take action to maintain taxes at the same level of the past few years, he said.
After school credits, the total 2015 mil rate for each $1,000 of assessed property valuation is $21.26, compared to the former rate of $21.95, according to Lori Peternell, the Village Treasurer.
For the owner of a $200,000 home in the village, that means a tax bill of $4,252, down $138 from $4,390 paid last year by the owner of a $200,000 home.
The total $21.26 mil rate includes taxes from other sources besides the village, such as the state, county, local schools and Gateway Technical College.
The village’s portion of the $21.26 mil rate is up a penny, after rounding, to $6.56.
Fund balance use
The proposed budget’s use of $1.037 million of fund balance is probably the most complicated part of the budget, explained Peternell in an email correspondence.
• The Board’s decision to utilize general fund balance was based on the fact that the Village refinanced some Tax Incremental Financing District (TID) debt in 2014, she explained.
About $300,000 of general fund balance was allocated to cover any shortfalls in TID revenue and cover the debt payments at the close of the TID. With the refinancing, no shortfalls in revenue are anticipated, Peternell explained.
• In order to support general fund operations, the Village will be utilizing $37,475 of general fund balance.
• To support capital operations, the Village will utilize $23,500 of general fund balance and $1,002,130 of funds already saved and reserved for capital fund expenditures, she said.
Budgeted increases of $892,709 for Public Safety and $469,875 for Public Works are attributed to capital costs.
• In order to support Library operations, the Library will be utilizing $21,866 of Library fund balance. The Library fund balance is separate from the general fund balance, Peternell explained.
The 2015 Village of Waterford proposed budget will be presented at a public hearing Monday, Dec. 1, 6:30 p.m., at the Village Hall, 123 N. River St. After the public hearing, a resolution to adopt the 2015 budget and set the property tax levy will be voted on.
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