Citywide News

Posted on: April 25, 2017

2017-18 budget shows increasing fund balance, tax decrease and reasonable millage rate

Taylor’s newest budget shows an ever-increasing fund balance, a tax decrease and a reasonable millage rate, with plans for staffing increases in key departments.

Mayor Rick Sollars presented and the City Council approved by a unanimous 7-0 vote Monday evening (April 24) the proposed 2017-18 municipal budget, ending weeks of meetings and research on the subject. Over the course of weeks, the City Council meets with the Sollars administration and its department heads in the budget process, which culminates in a special public hearing to discuss, hear comments and approve the document. The actual budget year begins on July 1.

“We’ve presented a fair and balanced budget,” Mayor Sollars said. “I’d like to thank the department heads for all of their hard work, along with our finance team led by Jason Couture.”

Key points presented to the council by Couture included the following:

  • Total taxable value in Taylor increased $4,962,014 in 2016, an approximate uptick of 0.4 percent.
  • The 2017 City millage rate has been reduced by two-thirds of a mill to 28.5409.
  • City services will be enhanced by the purchase of much needed equipment and entry level staff.

The proposed General Fund budget for 2017-18 is $37,448,136. The unassigned portion of the fund balance – commonly known as the “rainy day” fund” – is anticipated to grow to $6,364,374, or 17 percent of total expenditures. Six years ago, that same fund was approximately $5M in the red. Auditing firms and others recommend that municipalities carry a fund balance, or rainy day fund, of between 15 and 30 percent.

According to the State Tax Commission, Taylor’s total millage levy of 56.29 mills in 2016 ranked very favorably with other municipalities in the region (see chart below).

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Proposed General Fund expenditures can be viewed in the chart below.

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For the entire budget, click here
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