The Franklin Reporter & Advocate Eight Villages, One Community
Update: The budget was adopted at the council’s April 10 meeting.
Original Story: The Township Council March 13 introduced a $61 million municipal budget for 2018 that carries with it a slight tax increase, but, thanks to an increase in property values, a slight decrease in the tax rate.
The total proposed budget – $60,855,068 – is up $1,548,656 , or 2.6 percent, from the 2017 total budget of $59,306,412. That total budget includes the township library budget of $3,368,425. and $31,509 in grants.
The proposed budget is powered by a total tax levy of $38,504,927, up $464,858 from the 2017 levy of $38,040069. The proposed levy includes a library tax levy of $3,368,425, up 9.4 percent from 2017’s $3,078,376.
Taking into account an increase of $296,227,587 in the assessed value of properties in the township, from $9,510,963,660 in 2017 to the current $9,807,191,247, even though the tax levy on just the municipal portion of the budget has increased, the tax rate per $100 of assessed valuation for the municipal portion decreased 1 cent, from 36.8 cents per $100 to 35.8 cents per $100.
Add in the library and open space taxes, and the total proposed municipal portion tax rate per $100 of assessed valuation is 44.2 cents per $100, down from 2017’s 45 cents per $100.
That translates to a tax increase of $5.37 for the owner of a home assessed at the township average of $325,073.
According to a memo from Township Manager Robert Vornlocker, the major components of the budget increase are:
- An additional $1.2 million in capital projects paid in cash rather than bonding, including $2.5 million in road resurfacing.
- A $290,049 increase in the library budget, the calculation for which is set by the state.
- A $119,415 increase in operating costs
A public hearing and final vote on the budget is set for 7 p.m. April 1o.
