2014- 2015 Tentative Town Fund Budget Town Assessor General - PDF document

2014- 2015 Tentative Town Fund Budget Town Assessor General Assistance Supervisor Joseph D. Baltz Assessor Kimberly Anderson, CIAO Troy Township March 17, 2014 Troy Township – Tentative Budget FY 2014-2015 March 17, 2014 Page 1 of 13

Introduction The General Town L evy levies for funds to support the general town operations, the Assessor’s office and also the General Assistance Fund. The expenses for the 2013-2014 fiscal year will come in under budget at approximately: Town Fund ............................................................................................. 8.7% under budget Assessor ................................................................................................. 7.4% under budget General Assistance ............................................................................... 25.8% under budget Town Fund 2013-2014 FY Budget Vs. Actual Summary 1 2 BUDGET Est. ACTUAL Town Fund 2013-2014 FY 2013-2014 2013-2014 Starting Cash as of 04/01 $ 101,711.00 $ 111,586.34 Income $ 958,455.00 $ 921,429.58 Total Funds Available $ 1,060,166.00 $ 1,033,015.92 Expenses $ 953,825.00 $ 873,561.11 Ending Cash Balance $ 106,341.00 $ 159,454.81 General Assistance 2013-2014 FY Fund Budget Vs. Actual Summary BUDGET Est. ACTUAL GA Fund 2013-2014 FY 2013-2014 2013-2014 Starting Cash as of 04/01 $ 45,273.00 $ 45,274.73 Income $ 77,650.00 $ 77,573.56 Total Funds Available $ 122,923.00 $ 122,848.29 Expenses $ 87,150.00 $ 65,537.54 Ending Cash Balance $ 35,773.00 $ 57,310.75 In summary, both funds came in short on revenue but under on expenses. The end result is still a larger ending cash balance than originally budgeted. Estimated Revenue General Town Fund 2014-2015 For the General Town Fund we estimate the following for revenue in 2014-2015: State and Federal Grants ...................................................................................... $1,000.00 Interest Income ........................................................................................................ $100.00 Rental Income .......................................................................................................... $800.00 General Property Tax Income ........................................................................... $922,170.00 1 During the 2013 Audit of the 2012-2013 Fiscal Year, Auditor David Marchio, corrected the ending cash balance of said fiscal year for the Town Fund. Funds totaling $10,000 to establish the HRA Account had been expensed under 5070-Health Insurance. However those funds can only be expensed once the employee is actually reimbursed for a deductible qualifying expense. Therefore $9,875.60 was added to the ending cash balance of the 2012-2013 Fiscal Year for the Town Fund. The ending cash balance for the Town Fund as of March 31, 2013 totaled $111,586.34. 2 The figures listed under “Est. Actual” for both the Town Fund and General Assistance Fund are estimates and can and will change. Estimate figures will be updated and changed to actual after the close of the fiscal year on March 31, 2014. Troy Township – Tentative Budget FY 2014-2015 March 17, 2014 Page 2 of 13

Corporate Personal Property .............................................................................. $30,000.00 Misc. Income ......................................................................................................... $1,500.00 Cyber Niche Donations .............................................................................................. $60.00 Total 2014-2015 Revenue ................................................................................. $955,630.00 Estimated Carry Over ........................................................................................ $159,455.00 Total Funds Available ............................................................................. $1,115,085.00 State and Federal Grants $33,620.00 This figure represents estimate income from the Title XX Grant for the Pace Bus Service. Rental Income $800.00 This figure represents fees paid for the rental of the Community Center. General Property Tax Income $922,170.00 In October of 2013 the Township Board passed the Town Levy Ordinance levying $995,520.00 for general township operations, the Assessor’s offi ce and General Assistance; $933,370 is allocated to the Town Fund and $ 62,150.00 is allocated to General Assistance. To calculate the budgeted revenue for General Real Estate taxes, the amount allocated to the Town Fund was reduced by 1.2% to $922,170.00. This reduction is due to a trend of not receiving the full amount extended in the levy. For example, the funds received for the 2012 Town Fund Levy which was payable in 2013 were 1.25% less than what was officially extended in the levy by the Will County Clerk’s office. A large portion of the reduction was a result of State PTAB credits. Corporate Personal Property Tax Income $30,000.00 Estimated Expenses General Town Fund 2014-2015 Salaries .............................................................................................................. $270,000.00 IMRF ................................................................................................................... $37,500.00 FICA ..................................................................................................................... $22,000.00 Health Insurance ................................................................................................. $52,000.00 State Unemployment ............................................................................................ $2,200.00 Printed Materials ..................................................................................................... $300.00 Community Events ................................................................................................... $900.00 Insurance ............................................................................................................. $16,500.00 Office Supplies ...................................................................................................... $4,000.00 Telephone Services (and internet) ........................................................................ $2,500.00 Postage ..................................................................................................................... $550.00 Postage – Newsletter ............................................................................................ $2,200.00 Printing & Publishing ............................................................................................. $3,000.00 Mileage & Travel ................................................................................................... $5,500.00 Dues ...................................................................................................................... $2,025.00 Training ................................................................................................................. $2,500.00 Utilities ................................................................................................................ $22,000.00 Building Maintenance ......................................................................................... $26,000.00 Troy Township – Tentative Budget FY 2014-2015 March 17, 2014 Page 3 of 13