Projected tax rate shows slight increase
By Dave Fidlin
Correspondent
After a final go-around of discussion and an official public hearing, Waterford officials this week gave the final stamp of approval on the village’s 2021 budget which includes a nearly 1 percent drop in the property tax levy.
The Village Board on Nov. 23 approved a spending plan in the upcoming year, which includes an allocation of $3.39 million toward the 2021 general fund for such core municipal services and police and fire protection and public works.
The levy, which is one of the village’s largest income sources, is dropping 0.09 percent, from the $2.623 million taxed a year ago to $2.621 million in the upcoming budget.
This year’s mill rate, based on assessed valuations across the village, is in the amount of $437.6 million and represents a 0.8 percent increase in year-over-year comparisons. The figure is set at 5.98 cents per $1,000 of assessed valuation; a year ago, it was 5.94 cents per $1,000 of assessed valuation.
Although an official decision has yet to be made, the village is in the early stages of exploring a potential revaluation throughout the community in 2021.
New commercial developments have taken root within the village this year — a point discussed during recent budget deliberations — meaning the tax base is also spreading out further.
“The village continues to grow,” Village Administrator Zeke Jackson said early in November when a draft version of the budget was presented. “We experienced approximately $6.8 million in net new construction and approximately $33 million in market growth.”
The upcoming budget does not reflect any cuts to municipal services or programs, although there have been refinements, based on individual decisions made in recent months.
One of the most notable changes will be public safety. The village is decreasing its police budget from $1.4 million a year ago to $1.3 million to reflect new contractual arrangements. Dual contracts have been forged with the Town of Waterford Police Department and Racine County Sheriff’s Department.
Elsewhere within the broader budget, there have been fluctuations in year-over-year comparisons.
For example, costs for the portion of the document cordoned off for debt service related to general obligation bonds is expected to increase. In 2020, total payments allocated for GO debt were set at $349,650. In the year ahead, it is expected to clock in at $355,425.
The village has been taking out GO bonds for an assortment of projects in recent years, including redevelopment projects and the sliver of responsibility the village had in funding improvements to highways 83 and 20.
In recent budget-related discussions, Jackson also has addressed the village’s various utilities, and where each stands in the upcoming year.
“Utilities are set to have modest rate raises in 2021,” Jackson said. “Staff is recommending that the village equalize sewer rates with the town’s 2020 rates. Water rate increases are determined by PSC (Public Service Commission).”
Tax bills will arrive in residents’ mailboxes in the coming weeks. In addition to the village, a number of other taxing authorities will be represented on the bill, including the Waterford Graded and Waterford Union High School districts, Racine County and Gateway Technical College.
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