Marvin Approves the 2015/2016 Budget

Posted by Lisa Wednesday, June 10, 2015 10:37:00 AM

The Fiscal Year 2015-2016 General Fund Budget was presented to the Village Council and approved June 9, 2015.  Some highlights to note in the budget are as follows:

  1. With a county wide revaluation of property values, budgeted property taxes are estimated to be down from the current year budget by approximately $21,000 or 4% of current year budgeted property taxes.  Although the revenue neutral tax rate has been calculated to be 5.69 cents per $100, due to the overall tax base decreasing from the current year,  the Village of Marvin tax rate will remain at 5 cents per $100 for the 2015-2016 fiscal year, as it has been since the 2006-2007 budget year.
  2. Budgeted revenues for the year total $1,097,075. Despite the deficit in property taxes, this represents a 2% increase over the current year budgeted revenues excluding fund balance appropriations.  This increase is expected to come from motor vehicle tax, sales and use tax, and alcohol beverage tax.
  3. Budgeted expenditures for the year total $846,900 which is a less than half a percent increase over the current year budgeted expenditures, and appropriations to fund balance for capital projects totals $250,175, for a grand total of $1,097,075. 
  4. Salaries and benefits, which include health insurance, retirement, and payroll taxes and fees, for the VOM employees including the park employees, but excluding stipends, represents 24% of the total expenditures and appropriations. This is a 4% less than the current year percentage and 8% less than the 2011-2012 percentage.
  5. Park revenue is expected to be up 22% from the current year budget, stemming mostly from non-resident parking passes. Park expenditures budget is down 3% from the current year budget.  The combination of these two results in the cost of net park operations to be down 9% from the current year budget.
  6. Appropriations to fund balance include assignments for capital projects which include road maintenance, loop and greenway maintenance as well as expansion, capital asset replacement, land acquisition, intersection and traffic improvements, and reserves. Which projects might be undertaken in the next budget year will be discussed at the Capital Improvement Plan meeting next month, and a separate capital projects budget can be adopted for those projects.

Click here to view the 2015-2016 Budget Ordinance - OR-2015-06-01