HomeMy WebLinkAboutPresentation_Regular_7/13/2023 (3)Impact of Fund 1 JULY 13, 2023 Reserve PolicyBalance/Net Asset
Description Estimated-E 2 491K in FY 2023).ARPA Funds removed from calculations (1.5 million in FY 2021, $938K in FY 2022, and -@ months operating expendituresDuring FY 2022 Village
Council moved to increase our Target Fund Balance to three -* –Fund Balance History (148,589) (211,846)548,961(330,092)(767,497)Under) Fund Balance Target 3,884,9733,437,9252,819,744
1,884,304 1,479,005 @Unassigned Fund Balance at Year‐end 4,033,562 3,649,8772,270,783 2,214,396 2,246,502 *Months’ Expenditures (Target) Three 16,134,24814,599,085 13,357,547 13,286,377
13,479,010 ExpendituresCapitalExpenditures less FY2023EFY2022FY2021FY2020FY2019
Description Estimated-E Fund established FY 2020.-* 3 Building Fund–Fund Balance History 551,589449,633553,524236,463Under) Fund Balance Target 957,869832,828864,932 625,877Year‐endUnassigned
Fund Balance at 406,280 383,195311,408 344,052 )Months’ Expenditures (TargetSix 812,560766,390 622,816 688,103 ExpendituresCapitalExpenditures less FY2023EFY2022FY2021FY2020 *
Water Fund $ 5,894,900 9/30/2024-Est. Ending Unrestricted Net Position (1,110,684)Reserve Balance (17% of Operating Expenses)(3,402,100)Change in Capital Assets/Debt Service(6,533,435)Oper
ating Expenses 57,272 Operating Revenues-Non 8,234,600 Operating Revenues$ 6,110,472 9/30/2023-Est. Ending Unrestricted Net Position (895,112)Reserve Balance (17% of Operating
Expenses)(1,922,760)Change in Capital Assets/Debt Service(5,265,363)Operating Expenses 240,000 Operating Revenues-Non 6,719,192 Operating Revenues$ 7,234,515 9/30/2022-Beginning
Unrestricted Net Position ProjectedDescription 4 Unassigned Fund Balance–
Stormwater$ 26,701 $ 722 9/30/2024-Est. Ending Unrestricted Net Position (93,108)(93,108)Reserve Balance (17% of Operating Expenses)(250,500)(250,500)Change
in Capital Assets/Debt Service(547,697)(547,697)Operating Expenses286,033 286,033 Operating Revenue-Interest/Transfers/Non545,550 519,571 Utility FeesStormwater$ (2,405)$
(2,405)9/30/2023-Est. Ending Unrestricted Net Position (88,828)(88,828)Reserve Balance (17% of Operating Expenses)(301,347)(301,347)Change in Capital Assets/Debt Service(522,518)(52
2,518)Operating Expenses322,776 322,776 Operating Revenue-Interest/Transfers/Non512,517 512,517 Utility FeesStormwater$ 74,995 $ 74,995 9/30/2022-Beginning
Unrestricted Net Position Rate IncreaseRate StableDescriptionProjected 5 PositionUnrestricted Net -Fund
Impact of Millage Rate Proposal$550,000 home value in the Villagefamily -singleMedian 6
Impact of Leaving Millage the same on Village Taxes for a Median
Single Family Home with a Homestead Exemption.
Village's Taxes per Fiscal Year (FY)FY 2022-23FY 2023-24
Value of Homesteaded Property (3% increase YoY)$ 550,000$ 566,500
Less Homestead Exemption 50,000 50,000
Taxable Value of Homesteaded Property 500,000 516,500
Village Millage Rate 6.6290 6.6290
Village Property Taxed Levied$ 3,314.50$ 3,423.88
Difference with Proposed Millage (Savings)$ (109.38)
Impact of Millage Rate Proposal$550,000 home value in the Villagefamily -singleMedian 7
Impact of Millage Reduction Proposal on Village Taxes for a Median
Single Family Home with a Homestead Exemption.
Village's Taxes per Fiscal Year (FY)FY 2022-23FY 2023-24
Value of Homesteaded Property (3% increase YoY)$ 550,000$ 566,500
Less Homestead Exemption 50,000 50,000
Taxable Value of Homesteaded Property 500,000 516,500
Village Millage Rate 6.6290 6.2900
Village Property Taxed Levied$ 3,314.50$ 3,248.79
Difference with Proposed Millage (Savings)$ 65.71
Impact of PBC Millage Rate$550,000 home value in the Villagefamily -singleMedian 8
Impact of Millage Reduction Proposal on PBC Taxes for a Median
Single Family Home with a Homestead Exemption.
Village's Taxes per Fiscal Year (FY)FY 2022-23FY 2023-24
Value of Homesteaded Property (3% increase YoY)$ 550,000$ 566,500
Less Homestead Exemption 50,000 50,000
Taxable Value of Homesteaded Property 500,000 516,500
Village Millage Rate 4.7150 4.5000
Village Property Taxed Levied$ 2,357.50$ 2,324.25
Difference with Proposed Millage (Savings)$ 33.25
Impact of Joint Millage Rate$550,000 home value in the Villagefamily -singleMedian 9
Impact of Millage Reduction Proposal on Village plus PBC Taxes for a
Median Single Family Home with a Homestead Exemption.
Village's Taxes per Fiscal Year (FY)FY 2022-23FY 2023-24
Value of Homesteaded Property (3% increase YoY)$ 550,000$ 566,500
Less Homestead Exemption 50,000 50,000
Taxable Value of Homesteaded Property 500,000 516,500
Village Millage Rate 11.3440 10.7900
Village Property Taxed Levied$ 5,672.00$ 5,573.04
Difference with Proposed Millage (Savings)$ 98.96