Milford's City Council unanimously adopted the 2020-21 budget Sept. 9.
Carmen Standley of Marvin E. Jewell & Co. addressed the differences between the 2020-21 budget and the one from the previous fiscal year. She told the council that its 1% increase in restrictive revenue gave the city a dependable source for necessary funds.
The council adopted the proposed budget of disbursements and transfers at $7,278,054 and a necessary cash reserve of $2,185,080 for an accumulative total of resources available at $9,463,134. Property tax changed from 0.512219 to 0.512187, while the property tax request total for 2020 increased 1% up to $558,530.
The levy stayed consistent with a $135,600 bond levy and $422,930 general all-purpose levy.
The new budget includes $1,729,106 dedicated in restricted funds. Of that, $1,058,000 is assigned to the general fund; $130,706 goes to the fire department; $286,500 goes to the library; $51,000 is assigned to the pool; $48,000 is assigned to recreation; $41,000 is assigned to police; $37,500 is assigned to streets; $36,000 is dedicated to cemeteries; $21,000 has been allotted for economic development and $19,400 is assigned to parks.
Net change in total revenues between the two budgets was projected at $18,658, almost flat and well within compliance, Standley said.
Neither city taxes nor the levy will increase because the city prepared funding for the new city hall/police department building with enough foresight.
“You're in a healthy position there,” Standley said.
She also recommended maintaining the city's levy at its current amount due to Milford's sustained growth and plans to grow in the future.
Standley also said the council should look at stating intent and consistency in the capitalization policy, for example, specifying what is turnover (items used for only one fiscal year) and inventory (items carried over through repeated fiscal years) when applicable.
After Standley gave her recommendations the council voted on its ordinances and items.
The council also adopted the 1- and 6-year street improvement plans that were presented at the August council meeting, and updated its maintenance code to meet the 2018 version of the international property maintenance code.