Mr. Klopsch stated that the proposed 2024 Budget will show that expenses exceed revenue by $1,481,814. This is primarily due to $1.1 million in property taxes that will not be collected in 2024 because of the expiration this year of the 3.75 mill levy issue. Council is placing a new replacement levy on the ballot in March of 2024. Based on strong property values in Oakwood, the new levy will be around 2.4 or 2.5 mills. This will generate the same amount of revenue as the expiring levy, meaning it will not raise property taxes above what is paid today.
- KHN Property, Sugar Camp Western Lot and Randall Residence Property
- Water System Master Plan for Capital improvements
- Far Hills Infrastructure Improvements
- Sanitary Sewer System Maintenance/Capital Improvements Plan
- Traffic Signal Master Plan for Capital improvements
Mr. Klopsch commented on the line item budgets for General City Services, Refuse Operations, Water Utility, Sanitary Sewer Utility and Stormwater Utility. At the end of 2024, the city will have continued to provide comprehensive services and will, based on the budget, have:
- $1,340,448 less in our General City Services funds.
- $299,868 less in our Refuse funds.
- $300,676 less in our Water funds.
- $454,339 less in our Sanitary Sewer funds.
- $161,826 less in our Stormwater funds.
Mr. Klopsch noted that $100,000 for asphalt rejuvenation was added to the final capital budget since the last committee meeting. He then played a video demonstrating how a manhole leveling machine functions. The Public Works Department is purchasing the machine and will begin a manhole improvement program in 2024.
Mr. Klopsch asked for a motion to recommend approval of the 2024 budget. Motion by Mr. Dudding; second by Mr. Risley. Upon a viva voce vote, motion passed.
Mayor Duncan noted that several committee members have terms that are expiring at the end of December. Council will be contacting them about renewing their membership on the committee.