Township Releases 2018 Proposed Budget & 6-year Capital Improvement Program
Public hearings set for Nov. 15, Dec. 6
The 2018 Lower Merion Township Proposed Budget and the Proposed 2018-2023 Capital Improvement Program have been posted here on the Township’s web site. The document, presented by Township Manager Ernie McNeely and Chief Financial Officer Eric Traub, again recommends no increase in the Township’s Real Estate Tax (RET) millage rate (4.19), the seventh year in a row of maintaining the RET rate unchanged while maintaining all services.
The 2018 Solid Waste fees will remain unchanged compared to 2017. The Proposed Budget does not anticipate a rate increase to the Sanitary Sewer Rental Fee, though it will be further reviewed before the official 2018 Sanitary Sewer rental rate is adopted by ordinance and billed in May 2018.
The first Public Hearing on the 2018 Proposed Budget will take place on Wednesday, November 15th at approximately 7:30 p.m., and the second Public Hearing will be held on Wednesday, December 6th at 6 p.m. in the Board Room of the Township Administration Building. The 2018 Proposed Budget and six-year Capital Improvement Program for 2018—2023 are scheduled for adoption on Wednesday, December 20th, at 8 p.m.
Further details about the 2018 Budget will be discussed at length during these meetings, and can be found in the Proposed Budget document online, including Township Manager Ernie McNeely’s Budget Message to the Lower Merion Board of Commissioners (page 13), and the Reader’s Guide (page 49).
Other highlights of the document include estimated actual performances for the current fiscal year, which ends December 31st:
- Revenue for 2017 is estimated at $62.92 million, an increase of 2.7% compared to the 2017 Budget.
- Expenditures for 2017 are estimated at $63.67 million, or 0.7% less than the 2017 Budget.
- The 2017 Estimated Actual expenditures exceed revenues (deficit) by $755,761, compared to a budgeted deficit of $2.88 million.
- Revenue for 2018 is budgeted at $62.23 million, an increase of 1.6% compared to 2017, while 2018 Expenditures are budgeted at $65.44 million, an increase of 2% compared to 2017.
- With 2018 expenditures expected to exceed revenue by $3.2 million, there will be a required planned budgeted drawdown of fund balance, to balance operating revenue with expenditures.
- The 2018 Budget ending fund balance (undesignated) is estimated at $15.56 million, or 23.7% of the 2018 Budget Expenditures.