ThisWeek CW 07/24/2013
Madison Township trustees approved a 2014 tax budget July 10 that shows a continuation of conservative estimates for revenue following changes in state tax laws.
No residents spoke about budget matters during the public hearing.
Estimated revenue for 2014 is about $1.5 million, which is more than $500,000 less than actual collections of about $2 million in 2012 and nearly $300,000 less than the projected 2013 revenue.
According to budget documents, the lost revenue is primarily due to the state’s elimination of the inheritance tax and major cuts to Local Government Funds from the state.
The cuts in revenue are also reflected in the township’s total fund balance, which had an actual year-end balance of $1,045,361 as of Dec. 31, 2012, and is projected to be only $401,135 by Dec. 31, 2014.
Personnel-related expenses make up the largest part of the budget, accounting for almost $800,000.
Township officials have made cuts in nearly all spending categories for 2014, with the exception of personal services, which have seen about a 3-percent increase each year over the past four years.
Ultimately, the total expenditures listed for 2014 are nearly identical to the 2013 budget and represent only an $80,000 increase over 2012 actual spending.
This is in line with neighboring Canal Winchester, which also faced spending cuts to make up for cuts in revenue due to the changes at the state level and the overall economy.
The 2014 tax budget was required to be approved and submitted to the county per Ohio Revised Code by July 22. However, it can be amended as necessary by the board of trustees to reflect changes in actual revenue and expenditures.