City of Toledo residents will be happy to hear their tax levy rate will be decreasing for the 2013-14 budget year.
The Toledo estimated tax rate per $1,000 valuation is dropping 5.26 percent from this year's current budget. It will be decreasing from 17.97937 to 17.03360 for the City of Toledo.
Meanwhile, the agricultural land within the city limits is remaining at the same rate of $3 per $1,000 valuation.
With the tax rate decrease, property valuations for the city have increased from a year ago. The total jumped from $62,162,210 to $66,131,350 for this year.
The Toledo City Council officially approved the 2013-14 budget at the March 11 meeting. There were no comments at the public hearing. The council unanimously voted to approve the proposed $3,101,182 budget with a 4-0 vote. Council Members Brian Sokol, Travis Mullen, Terry Goodhart and "Elmer" Skip Wilson approved the budget. Council Member Jeff Filloon was absent.
Next fiscal year's budget is down more than $300,000 from the re-estimated budget for this year. The current budget is $3,421,421.
The majority of the difference between the two budgets is the Capital Projects budget. It was $358,033 during the 2012 fiscal year budget before it decreased to $300,000 this year. However, the city has no money in the fund for the 2013-14 budget.
Another reason for the decrease in the budget as a whole is nearly $40,000 less in the Public Works fund. One of the main reasons is employee turn-around, where the current employees' contracts aren't as high as previous employees who were with the city for decades. Also the amount funded in the liability insurance was dropped from $64,000 to $44,892.
The City of Toledo has also cleared its Community and Economic Development fund. The city council agreed not to budget anything in the fund, because those funds go to the Toledo Community Development Incorporated. Instead, the city council has a fund built in and will transfer money to TCDI if it is asked for funds from the council.
The city's revenue is also estimated to decrease for the 2013-14 fiscal year. It will drop from $3,556,415 to $3,471,747. The city estimates bringing in approximately $28,000 more in city taxes, but about $26,000 less in licenses and permits.
Here's a simple breakdown of the 2013-14 budget for the period of July 1, 2013-June 30, 2014 with a comparison of the current re-estimated 2012-13 budget in parenthesis:
Public Safety - $589,660 ($599,581)
Public Works - $372,927 ($412,682)
Health and Social Services - $7,000 ($7,000)
Culture and Recreation - $325,471 ($317,697)
Community and Economic Development - $0 ($21,600)
General Government - $155,424 ($148,615)
Debt Service - $333,853 ($331,248)
Capital Projects - $0 ($300,000)
Business Type/Enterprises - $1,133,987 ($1,071,465)
Transfers Out $182,860 ($211,533)