Audit: Population Increase Is Bright Spot For Shelby's Finances
While declining property tax values continues to plague local and national government's revenue, a small bright spot for Shelby Township was the increase in state shared revenue due to an increase in population.
The increase in population reported in 2010 census proved to be a shot in the arm for Shelby Township’s finances.
During a presentation from Plante Moran on the 2011 township audit, preparers told the Board of Trustees that the township received increased state sharing revenue from sales tax based on the population increase. There are now 73,804 people in the township compared to 65,159 in 2000.
However, the largest challenge -- which continues to plague the nation -- remains the rapid decrease in property taxes. Shelby Township took in 6.1 percent less in property taxes in 2011 compared to 2010.
“Shelby Township has experienced very significant decreases in 2011, but the township has been proactive in trying to address that,” said Dave Harrington with Plante Moran.
Here are some highlights from the 2011 Audit:
General Fund (Excludes pension and water)
- Revenue: $45,891,070
- Expenditures: $56,810, 462
- Excess of revenue over expenditures: $10,919, 392
- End of year fund balance: $49,761, 280
- General fund expenditures were down in all the categories and decreased by $6.2 million since 2008.
- Fund Balance: $10,694,575
- The police fund decreased by $500,000 in 2011. It was budgeted to decrease by $1.5 million
- Fund Balance: $15,474,903
- The fire fund was increased by about $1 million. It was only expected to only increase by $300,000.
Water and Sewer Funds
- Over 3-year period, the gap between revenue and expenses has decreased.
- Net assets are $40 million at end of 2011
“I do want to underline the fact that compared to 2008, our spending is down significantly and our hats off to the board and employees,” said Shelby Township Supervisor Rick Stathakis.
The full 2011 audit can be found on the Financial Management page on the Shelby Township website.