Bay taps into fund balance to hold the line on taxes
Village levy to rise less than 1 percent
Whitefish Bay — The Village Board has decided to use $145,000 from its fund balance to reduce the property tax levy - keeping the increase over last year to less than 1 percent.
The board on Monday adopted a $9.9 million levy that will fund the village's $13.4 million 2010 budget. The budget is up $370,667 - or 2.8 percent - over this year.
Village Manager Jim Grassman said the fund balance was used to reduce spending across the board, rather than in any one area.
A tax rate of $5.04 per $1,000 of assessed value will be necessary to support the levy. That is an increase of 6 cents per $1,000 assessed value over last year. For the owner of a house assessed at $400,000, the village portion of the tax bill will be $2,016, up $25 from last year.
In a meeting devoted to finances, the board also approved the budget and assessment for the Business Improvement District. Businesses in the BID will pay an assessment of $1.60 per $1,000 of assessed value, with a maximum payment of $3,500 for 2010. That is up from the 2009 assessment of $1 per $1,000 of assessed value and a maximum payment of $2,500.
Assistant Village Manager Matt Schuenke said the additional assessment would help fund a retail incentive loan program for businesses.
The board also approved a number of resolutions allowing unpaid charges for special refuse collections, false alarms, bounced checks, sewer and water bills to be placed on tax bills.
The board also decided to spend an additional $500,000 of fund balance to pay down a State Trust Fund loan. Grassman said $900,000 remains on a loan taken to pay down unfunded liability in the Wisconsin Retirement System. The trust fund loan has an interest rate of 5.25 percent. The village will save $25,000 a year in interest charges by paying the loan off early.
Grassman said that depending on the audited fund balance at year's end, he may recommend another payment to completely pay off the debt in 2010.
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