Source: Sherman Publications

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Village fund equity just over 50 percent

by David Fleet

June 20, 2012

Goodrich-While taxable values continue to sag, state funds increased, helping add to growing village coffers.

Such financial details were included in the 2012-13 budget that was approved at the June 11 village council meeting by a 4-0 vote. Council President Rick Horton was absent.

Key indicators of the overall health of village finances included an addition to the general fund, which as of June 30 has grown to about $292,527 according to the budget.

The expenditures totaled $529,486 with general fund revenues of $553,752. There will be additional funds added, about $57,000, as the current fiscal year closes.

"Our fund equity right now is about 52 percent of our yearly budget," said Jakki Sidge, village administrator. "Normally our fund is at about 25-27 percent, but with these economic times it's a little higher. There are no major projects the village is saving for—other than maybe some upgrades to the park area."

During the fiscal years 2008-09 the village collected $377,377 in taxes. In 2009-10 that amount declined to $342,254. Taxes collected in 2011-12 dipped to $285,600, according to the budget.

Similarly, state revenues declined from $92,019 in 2008-09 to $84,231 in 2009-10. However, in 2012 state revenues rose to $136,000. "The state revenue went up due to the increase in population from the 2010 Census. The village population increased from 1,200 to 1,860."

Taxable values have dipped from $70.8 million in 2007-08 to $55.7 million in 2010-11 to $49,835,189 in 2011-12, according to the budget.