Such savings would result in the General Fund ending 2016 with an actual operating deficit of approximately $2.7 million, thus reducing GF undesignated fund balance to approximately $15.8 million or 25.5% of the GF 2016 forecasted expenditures, and above the Township's fund balance policy goal range of 15% to 18%. The Proposed 2016 Expenditure Budget includes $1.2 million of projected expenditure savings throughout the budget, which is expected to occur through ongoing cost containment and budgetary savings practices. The 2016 Expenditure Budget increased $827,717 (+1.4%) in comparison with the 2015 estimate. This is primarily attributed to salary and wages (+1.6%), debt service (+6.7%) and professional services (+15.6%). The Proposed 2016 Expenditure Budget increased approximately $1.4 million (+2.3%) in comparison with the 2015 Budget. For more detail, see the General Fund revenue categories and discussion of significant trends and assumptions. Proposed 2016 revenues are projected to increase in real estate transfer tax (+6.1%), building and electrical permits (+8.6%), highway aid (+11.3%), business and mercantile tax (+1.6%) and cable television franchise fees (+6.4%) versus the 2015 Budget. This is the fifth consecutive year of no RET millage rate increase. The 2016 Real Estate Tax (RET) millage rate remains unchanged and is proposed at 4.19 mills. This is primarily attributed to better business and mercantile tax, real estate transfer tax, highway aid and building and electrical permit fees performance projected in 2016. Sources of Expenditures: General Government (11.6%), Public Safety (40%), Building and Planning (6.2%), Public Works (13.6%), Libraries and Recreation (12.1%) and Debt Service (16.5%).īudget Changes: The Proposed 2016 Revenue Budget increased $838,044 (+1.4% ) in comparison with the 2015 Budget. Sources of Revenue: Real Estate Taxes (52.8%), Other Taxes (25%), Licenses and Permits (9.5%), Departmental Earnings (4.3%), Fines and Forfeits (1.8%) and Other Revenue (6.6%). This table shows all Township funds subject to the annual appropriation process. The 2016 Budget ending fund balance (undesignated) is estimated at $15,786,281 or 25.5% of the 2016 Budget Expenditures. The 2016 Budget includes $1,200,000 of estimated negative appropriations (budgetary savings) in Non-Departmental (Department 70). The 2016 Budget expenditures exceed revenue by $2,749,860 requiring a planned budgeted drawdown of fund balance to balance operating revenue with expenditures. The 2015 ending fund balance (undesignated) is estimated at $18,536,141 or 30.4% of the 2015 Estimated Actual Expenditures. The 2015 Estimated Actual expenditures exceed revenues (deficit) by $1,093,757. The 2015 Expenditures are estimated at $60,993,787, an increase of $572,858 or 0.9% compared to the 2015 Budget. The Sanitary Sewer rental rate will be further reviewed before the official 2016 Sanitary Sewer rental rate is adopted by ordinance and billed in May 2016.
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