Village of LO prepares 2017-18 budget

Village of Lake Orion
2017-2018 Fiscal Year Budget

A public hearing on the proposed 2017-18 fiscal year budget is scheduled for 7:30 p.m. May 8 in council chambers at the Village Hall, 21 E. Church St.

The village council also has two budget workshops scheduled for May 17 and May 18. Both workshops begin at 6:30 p.m. at Village Hall.

Anyone who wants to view the proposed budget can do so at the village clerk’s office.

Information about meeting dates, public hearings and agendas is available on the village website, lakeorion.org, and in The Lake Orion Review.

 

 

By Jim Newell
Review Editor
The village council received the proposed 2017-18 fiscal year budget at its meeting Monday. The village’s fiscal year begins July 1 and ends June 30, 2018.
The proposed budget includes:
Village Manager K. Joseph Young, who has been on the job only a week when presenting the budget to council, said the budget will need “finessing” before a final budget is presented to the council for adoption.
The council is required to adopt a balanced budget before the beginning of its fiscal year, and has scheduled two workshops next week to review the budget and make any necessary changes.
A public hearing, which is required by law before the council can adopt a final budget, is set for May 8. Residents can comment on the various elements of the proposed budget at the public hearing and also view the budget beforehand at the village clerk’s office.
The 2017-18 proposed budget projections include:
A beginning General Fund balance of $466,288, with $1.8 million in expected revenues, $1.8 million in expenditures and an ending fund balance of $466,288.
A total beginning fund balance of $8.486 million, with $5.958 million in expected revenues and $6.203 million in expenditures. The ending total fund balance of $8.241 million represents a $244,575 deficit.
Police services will increase about $4,000, to $805,196 over last year. The LOPD also has a dedicated police millage that covers about $354,000 of the department’s operating costs annually. The remaining costs are covered from the village’s general fund and other miscellaneous revenues. Voters approved the police millage in the Nov. 8, 2016 election.
Current real property taxes for 2017-18 are budgeted at $954,554, with total estimated revenues coming in at $1.808 million.
Total estimated major street fund revenues is projected at $175,350, while the local street fund is projected at $98,500.
The Downtown Development Authority total estimated revenue is $934,863 for 2017-18, with $520,000 of that coming from property taxes.
The village will also spend $448,943 to purchase water from Orion Twp.
The Lake Orion Review will have an updated breakdown of the budget in the coming weeks as the council alters and approves the budget.

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