Forks 2008 Budget

Forks Township has published the 2008 budget. The budget outlines the 2008 revenue stream and cost structure for 2008 only. The budget can be found at http://www.forkstownship.org/2008abudget.htm

2008

Total Operating Revenue: $7,113,292
General Fund Carryover: $669,743
Total Revenue: $7,783,035

Total Operating Expenses: $7,242,842

Revenue less Expenses: ($129,550). This excludes the General Fund Carryover.

Some factoids on 2008 revenue:

1. Real Estate Taxes: 34% of Operating Revenue
2. Taxes: 46% of Operating Revenue
3. Other revenue: 20% includes lease earnings, interest earnings, charges for services/public safety, etc
4. An 11% increase in Real Estate taxes (4.6 mills to 5.1 mills). The owner of a property of $50,000 will pay about $255 in additional real estate tax.
5. Budgeted Real Estate Transfer taxes are budgeted at $500,000 down from $800,000 in 2007.
6. Property Tax revenue will increase from $2.07M to $2.41M, but revenue from real estate transactions should fall as the housing market continue to soften.


On the expense side, a couple of interesting thoughts:

1. A 4% raise for salaried employees
2. Police Dept: 40% of total cost ($2.46M)
3. Fire Dept: 5.46% of total cost ($.395M).
4. Forks EMS Funding: $20,000 (Note: This funding has not been released to the Forks EMS).
5. Community Center Costs: $.294M vs revenue of $.247M. (loss of ($47,803).
6. Recreation Board: $60,000
7. Athletic Association: $80,000
8. Park Maintenance: $338,589
9. Highways and Streets: $917,867.

What to watch for in 2008:

1. The continuing softening of the housing market. This will create downward pressure on the 08 real estate transactions revenues.
2. Another tax increase in 2009.
3. Possible 08 net income loss

If you have any ideas or comments about critical issues facing Forks Township, please share your ideas via our blog.

Get Involved – Every Voice Counts!

Sincerely,

David Billings

d.billings@att.net