2021 - - Milford - REVIEW -- BUDGET
2021 - - Milford - Revie - 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-
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