Source: Sherman Publications

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Village budget OKed, tax rate stays same

June 05, 2013

Oxford Village property owners will not see an increase or decrease on their July 1 tax bill as council last week voted 4-1 to maintain the current rate of 10.62 mills and approve a $6.069 million budget for the 2013-14 fiscal year.

"I see no necessity for us to change the millage based on what I saw," said Councilman Dave Bailey, who every year examines how the taxable values have changed for each of the village's 1,346 parcels of real property.

One mill is worth $1 for every $1,000 of a property's taxable value. For example, a village property with a taxable value of $50,000 could expect to pay $531 under this millage rate.

Village President Tony Albensi cast the lone dissenting vote.

"I don't think we've significantly cut enough (from the budget)," he said. "I do believe that the millage rate should at least remain as it is it should not go up. I do agree with that."

Included in the $6.069 million budget is $1.88 million for the general fund; $816,499 for the police budget; $368,300 for dispatch services; $323,996 for the Downtown Development Authority; $1.1 million for the water fund; and $833,102 for the sewer fund.

It should be noted the general fund amount includes a $700,000 transfer to the police budget and the police budget includes a $245,000 transfer to the dispatch budget.

The village is projected to maintain a reserve of $306,144, which is equal to 14.4 percent of its budgeted expenditures for the general, police and dispatch funds combined.