Budget

The 2009 beginning taxable value for the Village is $270,700,000; a decrease of $5,806,000 from the prior year. The general operating budget is based on 3.4931 mills; the same millage rate as the prior three years. The Tax Increment Finance (TIF) capture is approximately $115,000 ($32,919,000 taxable value) from the general operating millage; or approximately the same amount as the prior year. The Village approved a payment in lieu of taxes (PILOT) for the South Hill Apartments in 2006, which removed $1,497,840 of taxable value from the tax roll. The PILOT is based on 10% of net shelter rents.
Refuse collection tax revenue is based on the maximum allowable millage rate of 2.0029 mills. The total amount collected after the TIF capture of $69,000 will not be sufficient to pay the cost of refuse collection in 2009-2010 and the DDA will refund approximately $64,000 of the capture.
A significant source of revenue to the Village is State Revenue Sharing. There are two distinct categories of Revenue Sharing payments. One portion is guaranteed under the Michigan Constitution; this constitutional portion is estimated at $428,000 in 2009-2010. The second portion of revenue sharing is statutory, and the State can choose to fund this or not. Beginning in fiscal year 2001-2002, the State did not fully fund the statutory portion of revenue sharing. The lower level of funding resulted in a decrease of $75,500 in 2001-02, approximately $140,000 in 2002-03, and approximately $190,000 in 2003-04. In 2009-2010, the total amount of Revenue Sharing is expected to be approximately $529,000. The State has stabilized the level of funding over the last three years; decreasing the amount of statutory revenue sharing by the amount of the increase in constitutional revenue sharing. The proposed 2009-2010 budget shows no cut in overall Revenue Sharing for the year.
Other revenue includes a cable television franchise fee that is based on 5% of gross annual revenue earned by Comcast from Village residents. The Police Department Administrative Fee reimburses the General Fund for costs related to Civic Center maintenance and a portion of  administrative salaries
The Equipment Rental line item refers to charges to other funds for the use of equipment owned by the General Fund, with hourly rental rates set by the State of Michigan. Maintenance/Utilities Reimbursement is a combination of reimbursements from Major Street, Local Street, Parking, and Water/Wastewater funds. Rental Income reflects income from the YMCA lease of the Hubbell Pond Park property.  The Rental Income – Radio Tower line item accounts for funds received from MetroPCS to rent space on the Village’s radio tower.
FUND BALANCE
The fund balance represents the total of all surpluses and deficits that have accumulated from all prior fiscal years since the Village was incorporated.
	Fund Balance 6-30-08	$804,500
	Projected Activity 2008-09	($89,850)
	Projected Fund Balance 6-30-09	$714,650
	Budgeted for use in 2009-2010	($16,350)
	Projected Fund Balance 6-30-10	$698,300
The projected fund balance as of June 30, 2010 is approximately 29% of budget.

Revenue Summary:

Property Taxes	$1,378,775
Block Grant	17,278
State Shared Revenue	529,000
Licenses/Permits	75,000
Fees/Fines	321,525
Interest	26,000
Miscellaneous	37,678
Appropriation from Fund Balance	16,355

Total Revenue

$2,401,611