Trustees are confident that Perrysburg Township's finances will remain stable in 2013, despite a projected revenue loss of more than $1.2 million dollars.
The impact from a decline in property taxes and the state's Local Government Fund, as well as the elimination of the estate tax, will be mitigated by the township being in good financial shape now, trustee Robert Mack said.
"We have a considerable cushion to work with from years prior [although] we're reluctant to erode that cushion," Mr. Mack said last week.
Officials also are expecting passage of a continuing levy for fire and emergency medical service on the November ballot. The 4-mill levy, if approved, would generate about $1.45 million a year, costing the owner of a $100,000 house about $120 annually.
Township residents have a good track record in approving levies for emergency services, trustee Craig LaHote said.
Since 1976, only one out of 20 levies regarding fire, police, ambulance, or EMS funding has failed.
Voters rejected an additional 2 mills for police protection, equipment, and personnel on the May 5, 1999, ballot. The 366 votes cast (161 for, 205 against) was the lowest total in all levy requests since 1960.
The most recent levy request -- a 5-year, 3-mill renewal for police -- passed Nov. 2, 2010, 3,153 to 1,285.
"You still have to watch the spending," trustee Gary Britten said.
Mr. Mack said a significant portion of the township general fund's "cushion" had come from sizable estate taxes upon the owner's death. The township will not receive such taxes on the estates of any resident who dies on or after Jan. 1, 2013.
The estate tax was eliminated by a state law enacted last year.
Revenue to Perrysburg Township from the estate tax was different year to year: $1.17 million in 2008; $270,353 in 2009; $345,810 in 2010, and $754,369 in 2011, according to township records. The projected yearly loss after the elimination of the estate tax has been estimated at $634,229.
The state's Local Government Fund, generated from state taxes, is divided among 88 counties for allocation. Since 2008, Perrysburg Township received an average of $141,565 a year.
The Ohio budget reduced this fund by 25 percent for 2012 and 50 percent for 2013. Township officials expect to now receive about $75,614 a year from this fund.
Tangible personal property taxes were phased out at the end of 2008 as a result of the legislature's tax restructuring, according to the Wood County Auditor's Office. Reimbursements to local governments occurred until 2010 but will diminish until elimination in 2018. The yearly loss for Perrysburg Township is estimated to be $192,819.
Real estate tax revenue also is projected to fall $344,091 per year, from property devaluation and delinquent payments.
Township officials expect the elimination of the estate tax, cuts in the Local Government Fund, and reduction of real estate and personal property taxes to amount for a $1,237,090 loss next year.
Contact Rebecca Conklin Kleiboemer at email@example.com or 419-356-8786.