The Milford Village Council will hold a public hearing on May 2 on the village’s proposed Fiscal Year (FY) 2011-12 budget, and has released a draft of the proposed budget.
The village will tentatively appropriate $8.84 million in expenditures during the next fiscal year, with $2.17 million coming from the general fund.
The Police Department Fund would expend $3.15 million, and $2.16 million would be spent from the Water/Wastewater Fund.
The biggest general fund expenditure would be $591,150 for refuse collection.
Last August, Milford voters approved a new 0.8-mill millage proposal for police services. The new millage will last through 2016, and coincide with a dedicated 10-year millage that was last renewed by township and village voters in 2006 and is currently collected at the rate of 3.0417 mills.
A mill is equal to $1 for every $1,000 of a property’s taxable value, which is generally equal to half the property’s market value. The owner of a property with a taxable value of $100,000 ($200,000 market value) will pay $80 in the first year of the new millage’s collection.
Village Treasurer Becky Jacques said the village plans on taking $3,000 out of the district’s fund balance and use $24,500 in capital improvement bonds that were approved last April to match expenditures.
Village Manager Arthur Shufflebarger said there will be a series of budget meetings held in April.
In the current FY 2010-11, the village projected total revenue at $9.03 million, down from the previous year’s total of $9.29 million.
Projected general fund revenue was pegged at $2.26 million in 2010-11, with $1.31 million coming from property taxes and $444,000 coming from state-shared revenue.