Plante & Moran auditors presented a 2010 audit report for Milford Township at the Board of Trustees’ Wednesday, April 20 meeting, indicating the township earned an unqualified opinion — an auditor’s highest level of quality assurance.
“Just as with other communities, they encouraged us to find other sources of revenue with the declining property values,” Township Treasurer Cynthia Dagenhardt said of the auditors’ report.
The township’s unreserved fund balance was $1.49 million at the end of the 2010 budget year (Dec. 31).
Dagenhardt added that residential property values in the township have dropped 6 percent this year and that industrial/commercial property values have fallen 14 percent.
“We still have Michigan Tax Tribunal cases like the GM Proving Grounds still hanging over our head. Property values are turning around slowly, so we’re holding our breath,” Dagenhardt said.
According to the 2010 audit report, the township’s general fund revenue for 2010 was $5.53 million, down from the $5.55 million reported in 2009 and the $5.93 million in 2008.
Out of the 2010 general fund revenue, $3.05 million (57 percent) came from the police millage, $1.13 million (22 percent) came from property taxes, $646,000 (12 percent) came from state revenue, $519,000 (9 percent) from other local revenue and $8,000 came from federal revenue.
The township’s total general fund expenditures in 2010 totaled $4.62 million, down from $6.26 million in 2009.
Public safety accounted for 71 percent of the expenditures ($3.27 million), followed by $890,000 (19 percent) for general government operations.
Transfers also accounted for 5 percent of general fund expenditures, followed by 2 percent for recreation and culture, 2 percent for public works and 1 percent for community development.