Middletown council has approved its 2021 tax budget. The annual tax budget is an estimation of revenues and expenditures for the city’s next fiscal year which begins on Jan. 1.
The city’s tax budget is due by July 15 to the Budget Commissions in Butler and Warren counties for review. After approval by both county budget commissions, city officials begin fine tuning the city’s permanent appropriations budget for council’s final review in November.
Finance Director Jake Burton said the 2021 beginning cash balances and 2021 projected revenues for each fund in this budget become the estimated 2021 resources for the city.
Burton said the city’s annual tax budget also supports the need for its annual property tax levy. The current levy of 6.90-mills (1-mill for the Senior Citizens Levy) will be requested for 2021.
The 2021 Tax Budget indicates that General Fund expenditures will exceed General Fund revenues by approximately $1.1 million and that the 2021 year-end cash balance in the General Fund will be about $5.1 million, which is a 15% reserve balance, according to the documents being submitted.
Burton said 2021 revenues are estimated at $32.03 million and 2021 expenditures are estimated at $33.1 million.
Thank you for reading the Journal-News and for supporting local journalism. Subscribers: log in for access to your daily ePaper and premium newsletters.
Thank you for supporting in-depth local journalism with your subscription to the Journal-News. Get more news when you want it with email newsletters just for subscribers. Sign up here.