• 2023 FINANCIALS THROUGH SEPTEMBER: Finance Director Cindy Stafford presented the following financial data:
  • General City Services receipts through September are at 85.41% of budget, while disbursements and encumbrances are at 78.64% of budget. As the two largest sources of revenue, graphs were displayed for Income Tax receipts and Property Tax receipts. Mrs. Stafford projected that the income tax receipts will come in slightly less than the $11 million that was budgeted. This is likely due to people returning back to working in the office versus working remotely. Next year's budget will include $10.8 million for income tax receipts. Regarding property taxes, there was a decrease in property tax revenue due to a property tax levy expiring in 2008, and there will be a decrease in 2024 due to the 3.75 mill levy not making it on the November ballot. The minor changes from year to year are a result of increases in the total valuation of Oakwood property. Investment revenues were approximately $460,000 more than anticipated. Mrs. Stafford anticipates ending the year with expenses around 97% of what was budgeted.
  • Refuse Fund receipts through September are at 75.84% of budget and disbursements and encumbrances are at 77.98% of budget. Mrs. Stafford shared that she expects to end the year very close to budget.
  • Water Utility Fund receipts through September are at 79.95% of budget and disbursements and encumbrances are at 68.97% of budget. Mrs. Stafford shared that she anticipates that the fund will end the year below $1 million, which is why a water rate increase is being proposed for 2024. She explained that the Water, Sanitary Sewer and Stormwater Funds receive an allocation of interest income based on fund balances.
  • Sanitary Sewer Utility Fund receipts through September are at 75.91% of budget and disbursements and encumbrances are at 61.70% of budget. Mrs. Stafford shared that she expects to end the year with revenue around 2% more than what was budgeted, primarily due to investment revenue. A sewer rate increase is being proposed for 2024.
  • Stormwater Utility Fund receipts through September are at 95.27% of budget and disbursements and encumbrances are at 92.30% of budget. This includes $985,000 for the Far Hills Storm Sewer Reconstruction Project. Mrs. Stafford shared that she expects to end the year with revenue 4% higher due primarily to investment revenue.

Mr. Klopsch shared that staff tracks home sales in Oakwood on a monthly basis. Roughly 90% of the homes are selling above the county's appraised values. Oakwood continues to be a very desirable place to live.

Mr. Klopsch commented on the September 18 event held at Hawthorn Hill announcing that Joby Aviation will be spending half a billion dollars to build their main manufacturing plant at a property near the Dayton International Airport. The company is predicted to be the single biggest new employer in the state and region bringing 2,000 new jobs to the area.

• 2024 PROPOSED BUDGET: 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 3.75 mill levy issue. The proposed 2024 Budget includes $1,206,400 for the 2024 Far Hills Resurfacing Project.