Council approves 2024-25 budget
By Joseph Goral
Staff Writer
jgoral@mihomepaper.com
OXFORD — The Oxford Village Council approved the 2024-25 fiscal year budget during a meeting on May 14, including an increase in water rates.
“I’ll make a motion to approve the 2024-2025 budget with the new rates for water and sewer,” said Council member Maureen Helmuth.
The motion was seconded by council President Kelsey Cooke and passed 5-0. The village’s fiscal year budget runs from July 1, 2024 through June 30, 2025.
“I don’t think we necessarily have a choice; this has to be done,” said Council member Jacob Nicosia. “Because the inflation is going to be there at least at regular rates, and we have to be able to make up for that somehow.”
Nicosia added that he believes making this decision now will help the village “gain more later.”
“I do agree,” Cooke said. “I think we should be doing a little bit each year like (Nicosia) mentioned.”
Cooke said that if the village does not do anything about the rates for years, then they will no longer be able to save money by prepaying expenses.
The council settled on a $5 per month increase to water rates, and a $4 per month increase in sewer rates for village residents that will take effect in the new fiscal year, according to village Manager Joe Madore. The money gained though the sewer increases will be used to replenish funds that were used to prepay bonds in 2020 and 2023, while the water increase will help the village cover updates mandated by the state of Michigan.
“Those prepayments, though, have taken $580,000 or so out of our fund balance,” Madore said. “It’s just time for us to replenish a little bit.”
At $4 per month, Madore said the sewer fund will not replenish quickly, but the rate increase will create around $5,600 per month for the village.
The sewer fund expected revenue and expenditures are both $756,484, and its fund balance as of May 7, is $981,180, according to the village’s proposed budget. Expected revenue for the water fund is $889,342, while projected expenditures are $1,303,833. The water fund balance is $877,408 as of May 7.
Expenses for Park Street’s water main project are also listed in the water fund, including the water main itself and 20 service leads at $600,000, plus construction listed at $30,000.
The village’s general fund balance as of May 7, is $2,028,361, while expected revenue is $2,883,854 and expenditures are $2,942,181 – a difference of $58,327. Revenue for the general fund includes property taxes, state shared revenue, rubbish collection charges, permits and other sources.
Park Street and the Oxford Lake subdivision are listed for a $75,000 millage, plus $327,500 to local streets in this fund.
The local street fund’s projected revenue is $511,000 while the projected expenditures are $567,121. Park Street will see $220,000 in capital improvements through this fund, while Oxford Lakes’ Woodleigh Way and Leighton Lane will receive $182,500, according village documents.
The major street fund’s revenue are expected to be $303,500 while it’s estimated expenditures are $295,344. Repairs to East Burdick Street are budgeted $48,000, according to the budget sheet.
The police department is budgeted $1,210,042.64, including $60,000 for potentially purchasing a new police vehicle.
The Oxford DDA Operating Fund is expected to take in $581,500 in revenues, with projected expenditures of $521,084. The DDA is expected to capture village revenues worth $203,000.
The motor equipment fund’s expected revenue is $152,285 and its projected expenditure is $344,009. This fund includes money budgeted to rent equipment for road construction projects and more.
To view the 2024-25 fiscal-year budget in its entirety, visit www.thevillageofoxford.org.