Ryan Scott Ottney
PDT Staff Writer
NEW BOSTON — The Village of New Boston’s Finance Committee on Tuesday presented village council with a copy of the 2013 budget for first reading. Finance Chairman and Councilman Junior Williams said there are no big surprises on the budget proposal, and the village will avoid a deficit.
The village expects to have $1,584,700 total revenue available in its General Fund in 2013. This includes a carryover balance of $147,429.27 from the current year. This projected total amount for next year is $67,700 less than the village reported in 2012. After projected expenditures, the village expects to end 2013 with $73,949.07 unencumbered in its General Fund — almost exactly half of where it expects to finish 2012.
“All of our funds are in the plus column, so we’re still good and within our boundaries of what the county expects us to be,” Williams said.
Explaining the shrinking revenue, Williams said the closing of SFI of Ohio last month had a major effect on revenue projections for next year. The income tax revenue lost from the New Boston SFI plant closing will impact the village’s General Fund, Safety Tax Fund, and the Capital Projects Fund, he said.
“We did have to move some of the Safety Tax personnel dollars to other funds to help offset those accounts,” Williams said.
Williams said the village budget did not factor in the expected coming of InfraMetals to the village because the company still has not signed papers to make it official — which they are expected to do in the next 30 days, according to InfraMetals project manager Michael Dean. If the company moves forward in New Boston as expected, they will open in first-quarter 2013 with 25 employees and quickly increase to 70 soon after, generating $1.8 million in annual payroll.
“We’re expecting that, but we didn’t really budget for it,” Williams said.
If that does move forward, local income taxes would likely help offset some of the revenue lost from SFI’s closing; but the business itself has been given a 75 percent, 10-year local property tax credit from the village.
Williams said income generated by local construction projects on Ohio 139 and the New Boston School could also further improve next year’s finances.
Council received the budget proposal and voted unanimously to give it a first reading.
Copies of the budget are on file in the New Boston Village Clerk’s office for public review. A public hearing has been scheduled for July 3, and Council will give second reading to the budget that day also during its next regular council meeting.
Ryan Scott Ottney can be reached at 740-353-3101, ext. 235, or firstname.lastname@example.org.