2021 - - Milford - REVIEW -- BUDGET

BOROUGH OF MILFORD •·

2021BUDGET

As prepared by Thomas M. Ferry, CPA, RMA WIELKOTZ & COMPANY, LLC lw&col

Borough of Milford

2021Budget

Public Hearing

May 3, 2021

7:00p.m.

Governing Body

Henry R. Schepens

Mayor

Council

Robert Castagna Russell Heller Noralie laFevre

Janice Armstrong Robert White Elisa Yager

Municipal Officials

Clerk Tax Collector Chief Finance Officer

Karen Dysart Kristine Boxwell Dawn Merante

Borough Attorney

Todd Bolig

- I-

Borough of Milford

2021Budget Meeting

May 3,2021

7:00p.m.

$

2021 Net Valuation Taxable

116,556,996.00

$

2020 Net Valuation Taxable

116,571,515.00

(14,519.00) or

(0.01) %

$

Increase

Budget Analysis

$

2021 Borough Budget

1,538,582.00

$

2020 Borough Budget

1,548,493.94

Increase

=$ ==( 9,9;;;,,;;,11;;9.;;.,4) or

( 0.64) %

$

1 point=

11,655.70

-2

Borough of Milford

2021Budget

Analysis of Revenues

Anticipated

Increase

Revenue

2021

2020

%

$

$

$

Fund Balance

159,500.00

159,500.00

%

Local Revenue

37,700.00

36,800.00

900.00

2.45 %

State Aid

286,235.00

290,533.00

(4,298.00)

(1.48) %

Public & Private Revenue

11,013.94

(7,013.94)

(63.68) %

4,000.00

Other Special Items

(19,978.00)

(22.45) %

69,000.00

88,978.00

Receipts from Delinquent Taxes

10,000.00

85,000.00

75,000.00

13.33

%

MunicipalTax (1)

10,478.00

897,147.00

886,669.00

1.18 %

$

$

(9,911.94)

(0.64) %

$

1,538,582.00

1,548,493.94

(1) Includes Library Tax

-3

BOROUGH OF MILFORD 2021REVENUES

Local Revenue 2.45%

State Aid 18.60%

Publ. & Priv. Revenue 0.26%

Fund Balance

Rec. from Delinq. Taxes 5.52

10.37%

Other Special Items 4.49%

Municipal Tax 58.31%

- 4-

Borough of Milford

2021Budget

Budget Appropriations

Increase

2021 Budget

2020 Budget

%

$ 1,021,268.00

1.42 %

$

Municipal Purpose

14,303.00

$

1,006,965.00

(47.61) %

Other Operations

59,202.00

113,002.00

(53,800.00)

26,727.00

26,727.00

Shared Svc. Agreement

%

Public & Private Rev.

11,013.94

(7,013.94)

(63.68) %

4,000.00

211,000.00

186,000.00

25,000.00

13.44 %

Capital Improvements

23.16 %

73,810.00

17,095.00

Debt Service

90,905.00

Reserve for Uncollected Taxes

130,976.00

(5,496.00)

(4.20) %

125,480.00

(9,911.94)

(0.64) %

$

1,548,493.94

$ 1,538,582.00

$

-5-

BOROUGH OF MILFORD 2021APPROPRIATIONS

Capital Improvements 13.71%

Public & Private Revenue .26%

Shared Svc. Agreement 1.74%

Taxes 8.16%

_

Other Operations 3.85%

Debt Service 5.90%

Municipal Purpose 66.38%

- 6-

Borough of Milford

Calculation of Reserve for Uncollected Taxes

2021Budget

$

General Appropriations for 2021

1,413,102.00

Estimated Local School Tax

2,029,000.00

Estimated Regional High School Tax

805,000.00

Estimated County Tax

451,500.00

Total General Appropriations and Other Taxes

4,698,602.00

641,435.00

Less 2021Anticipated Revenue

Cash Required for 2021

4,057,167.00

97.00%

4,182,647.00

Divided by Adjusted 2020 Tax Collection Rate

125,480.00

$

Reserve for Uncollected Taxes

5 Year Collections

97.18%

2020

97.87%

2019

96.58%

2018

97.32%

2017

97.42%

2016

-7

Borough of Milford

2020 Actual levy and Tax 2021Estimated levy and Tax

Increase

Estimated

Actual

2021 Levy

2021

2020 Levy

2020

or

Tax Rate

Decrease

Tax Rate

%

$ 0.3874

$ 0.0077

0.0203 %

$

$

$ 0.3797

County Taxes

451,500.00

442,658.98

Local School Dist.

$ 1.7408

$ 1.7058

$ 0.0350

1,991,500.00

1,988,421.00

0.0205 %

Regional High School

$ 0.6906

$ 0.6772

$ 0.0134

1,036,700.00

789,454.00

0.0198 %

Munc. Purpose Local Tax

$ 0.7349

$ 0.7257

$ 0.0092

845,932.35

845,932.35

0.0127 %

$ 0.0348

$ (0.0001)

Library Tax

$ 0.0349

(0.0029) %

40,736.65

40,736.65

$ 3.5885

$ 0.0530

$

$

$ 3.5233

4,366,369.00

4,107,202.98

0.0150 %

5 Year Analysis of the Borough of Milford Tax Rate

Local School

Regional High School

Municipal (1)

County

Total

2017

0.730

1.678

0.774

0.358

3.540

2018

0.739

1.670

1.008

0.373

3.790

3.691

2019

0.749

1.684

0.877

0.381

3.523

2020

0.761

1.706

0.677

0.380

0.387

3.589

2021*

0.770

1.741

0.691

*Estimated (1) Includes Library Tax

-8

BOROUGH OF MILFORD 2021ESTIMATED TAX RATE

Library Tax 0.93%

Munic. Purpose Local Tax 19.38%

County Taxes 10.34%

Regional High School 23.74%

Local School District 45.61%

- 9 -

Borough of Milford

2021Water Utility Budget Analysis

2021 Water Budget

$435,015.00

2020

Water Budget

$361,268.75

Difference - Decrease

$73,746.25

20.41 %

- 10

Borough of Milford

2021Water Utility Revenue

Anticipated

Difference

2021

2020

%

34.15 %

$

$

$

22,000.00

16,400.00

5,600.00

Fund Balance

Rents

400,000.00

308,000.00

92,000.00

29.87

%

14,300.00

{1,285.00)

(8.99) %

Fire Hydrant Svc.

13,015.00

Water capital Fund Balance

100.00 %

22,568.75

{22,568.75)

20.41

361,268.75

$

73,746.25

$

$

435,015.00

Total

%

- 11

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Borough of Milford

2021Water Utility Appropriations

Increase

2021 Budget

2020 Budget

or Decrease

%

Operating Expenses

$

$

247,486.00

245,774.00

1,712.00

0.70

$

%

Debt Service

98,057.00

92,008.00

6,049.00

6.57 %

$

Capital Outlay

70,000.00

70,000.00

(100.00} %

$

Deficit in Operations in Prior Years

632.00

6,886.75

{6,254.75}

100.00 %

$

Statutory Expenses

2,240.00

13.49

18,840.00

$

%

16,600.00

$

Total

435,015.00

361,268.75

73,746.25

$

$

20.41

%

- 13-

BOROUGH OF MILFORD 2021WATER UTILITY APPROPRIATIONS

Statutory Expenses 4.59%

Deficit in Operations in Prior Years 1.91%

Debt Service 25.47

Operating Expenses 68.03%

- 14 -

Borough of Milford

2021Sewer Utility Budget Analysis

2021

Sewer Budget

$

776,680.00

2020

Sewer Budget

$

723,404.00

$53,276.00

7.36 %

Difference- Decrease

- 15

Borough of Milford

2021Sewer Utility Revenue

Anticipated

2021

2020

Difference

%

$

115,000.00

$

$

27.78 %

90,000.00

25,000.00

Fund Balance

350,000.00

320,000.00

30,000.00

9.38 %

Sewer Svc. Charges

Holland Twp. Share Oper. Costs Disp. Plant

200,000.00

200,000.00

0.00 %

Interest on lnv. & Dep.

8,640.00

10,352.00

(1,712.00)

(16.54) %

Holland Twp. Share of USDA Debt Serv.

103,040.00

103,052.00

(12.00)

(0.01)%

$

776,680.00

$

$

723,404.00

53,276.00

7.36 %

Total

- 16

BOROUGH OFMILFORD 2021SEWER UTILITY REVENUES

Holland Twp. Share USDA Debt 14.25%

Fund Balance 12.44%

Interest on Invest. & Dep. 1.43%

Sewer Svc. Charges 44.23%

Holland Twp./

Share Disp. Plant 27.65%

- 17-

Borough of Milford

2021Sewer Utility Appropriations

Increase or

2021

2020

Budget

Budget

Decrease

%

449,100.00

0.25 %

Operating Expenses

1,100.00

$

$ 448,000.00

$

100,000.00

Capital Outlay

50,000.00

50,000.00

100.00 %

Debt Service

206,080.00

206,104.00

(24.00)

(0.01) %

Stat. Expenditures

21,500.00

19,300.00

2,200.00

11.40 %

$723,404.00

776,680.00

53,276.00

7.36 %

Total

$

$

- 18 -

BOROUGH OF MILFORD 2021SEWER UTILITY APPROPRIATIONS

Debt Service 28.49%

Stat. Expenditures 2.67%

Capital Improvements 6.91%

Operating Expenses 61.93%

- 19-