The Milford Township Board of Trustees approved the township’s proposed budget for Fiscal Year 2013, which begins on Jan. 1, 2013, at its Wednesday, Nov. 21 meeting.
According to a draft provided by township officials, Milford Township’s general fund is expected to take in $6.183 million in revenue next year, which is down from $6.256 million in 2012 and up from $5.24 million in 2011.
Expenditures for 2013 are also pegged at $6.183 million.
The top four revenue sources are expected to be the police millage ($2.98 million), other taxes and special assessments ($1.27 million), property taxes ($818,096), and state shared revenue ($648,244).
The top expenditures are expected to be for public safety ($3.232 million), appropriations from the township’s fund balance and transfers ($1.254 million), followed by general government expenses ($980,958) and capital outlay ($378,255).
The township is expected to collect $37,330 less in property taxes in 2013 than it did this year, but it anticipates collecting $50,244 more in state funds next year.
The township is also expected to collect $1.75 million in special revenue funds in 2013, including $938,887 for the Fire Department, $467,904 for the refuse collection fund, $160,000 for the road improvement fund, $105,644 for the Senior Center fund, and $82,000 for the cemetery fund.
The millage rate for township general operations will be 1.0735 mills, while the total police millage rate will be 3.8417 mills. The fire operation millage rate will be at 0.9396 mills, while the fire station debt millage will be collected at 0.32 mills. The Senior Center millage rate is 0.125 mills, while the total library operating millage rate will be 1.14 mills.
A mill is equal to $1 for every $1,000 in a property’s taxable value, which generally is equal to half the property’s market value. The owner of a township property with a taxable value of $100,000 ($200,000 market value) would pay $100 a year in property taxes under a 1-mill levy.