All township services are on the table, when dealing with a $1.7 million loss in taxes this year, with more to come.
Township investments, spread out among dozens of financial institutions and the federal treasury, seem secure, but tax revenues are down $145,512.34, said Treasurer Curt Carson in his report to the Township Board, March 3.
Also, State Shared Revenue is down to $2,359,849, from $3,028,528 in 2001.
‘We have not seen conditions like this since the 1930s,” Carson said. “Therefore, none of my contemporaries have been in the situation we find ourselves today. In an attempt to protect the taxpayer’s money, investing in as many institutions under the FDIC insurance limit as possible is a strategy I have pursued.?
The $1.7 million loss will affect everyone, including schools, fire, and police departments, he said.
‘That’s why budgeting three years out is very important. We have department heads looking at budgets right now,? said Carson. “Once we have a picture of the revenue, then we can look at what department heads came up with and determine where we need to go from there.?
The township’s investments are in relatively good shape, he said.
The township began 2008 with $17,400,310.06 and ended with $16,214,942.91. The new township hall cost $2.7million. Of $1,514,632.85 earnings posted for the year, $758,256.46 are unrealized earnings.
‘As the financial struggled in the fourth quarter and investors dove for cover and purchased treasuries, the market value of the portfolio increased dramatically,? Carson said.