• Capital Improvement Fund (roadway repaving, park upgrades, facility improvements, etc.)
  • Sidewalk Repair Fund (sidewalk, roadway curb and driveway apron repairs)
  • Service Center Fund (maintenance shop, vehicle & equipment repair, fuel)

The total 2024 budgeted expenses in these eight funds is $17,525,203. Revenues for these eight funds are derived primarily through income taxes, property taxes, fees and assessments. The generally accepted standard for beginning year cash balances is six months of operating expenses. Within these eight funds, we started 2024 with unencumbered balances at $12,410,943, which is about eight months of operating expenses.

Income Tax: This 2024 Budget holds income taxes for city services at the current 2.5% rate. Our municipal income tax continues to provide the single largest amount of money to pay for city services. Looking back at a 10-year average, the income tax accounts for about 60% of our revenue. The 10-year history of income tax receipts as shown on page 15 demonstrates that earned income by Oakwood residents remains strong.

Property Tax: This 2024 Budget includes a decrease in property tax revenue at an amount of about $1.15 million. As explained under GENERAL CITY SERVICES above, this is a result of the expiration of one of the city’s two outside mill levies. At present, the city only has one voted levy generating property taxes to pay for city services.

  • 2.72 mill property tax: This tax was first approved in 1991 and began generating revenue in 1992. It has a five-year term and was last renewed in 2021, with a 76.4% yes vote. The current effective mills for residential property are 1.01. It generates about $472,000 annually and costs about $31 per year per $100,000 of appraised home value. The 76.4% yes vote on November 2, 2021 was the second highest affirmative vote in the six times that the tax measure has been on the ballot for renewal.

Of the total property tax paid in Oakwood, the distribution of effective mills for residential properties is as follows:

  • Oakwood Schools: 74%
  • Montgomery County Agencies: 17.9%
  • City of Oakwood: 5.6%
  • Wright Library: 2.5%

Capital Expenses: The 2024 Budget includes $3,199,400 for capital improvements and capital equipment. This includes $1,206,400 (80% of the estimated $1.5 million total project cost) for the Far Hills Avenue Resurfacing Project that will be paid by ODOT. The city’s 20% share ($301,600) was included in the 2023 budget. Each year, we make significant investments in our public infrastructure and replace capital equipment as needed. With those investments, we maintain our infrastructure and equipment required to provide the comprehensive and high-quality services that our citizens expect. The

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