7-01-2023 9:44am

Dexter Township's financial position

In its latest financial update, Dexter Township issues a strong report about where things stand after the recent fiscal year.

One highlight includes township savings. The update was given in the township’s monthly “in the loop” email, which was emailed out to subscribers on June 29

“Dexter Township ended FY (Fiscal year) 2022 with $4.2 million in General Fund balances, of which just under $2 million is set aside for emergency and operating reserves, and $2.3 million is available for one-time strategic purposes. General Fund balances have increased every year for the past four years.”

The email report said the budget calendar runs from April 1 to March 31. They are reporting on the close of the 2022-23 budget.

In the second point of the report, it states, “With respect to revenues, all major sources have increased over the past several years. Property tax revenues are higher because of new development, and because property taxes on individual parcels typically increase when properties change hands. Sales tax revenues received from the State of Michigan is a major source of revenue for the Township; this revenue has grown faster than inflation some years. In FY23, we also sold a rental house, which yielded approximately $285K. Township interest revenues have grown due to the investing its fund balances in higher yield investments. The township earned approximately $15K in our 2021-22 budget and over $46K in the 2022-23 budget calendar, a 34% increase. Primarily due to the change in investment policy and strategy by our Treasurers office. Greater returns are expected in the 2023-24 budget year as additional funds are invested, following the completion of our cash flow analysis.”

Another highlight from the report said, “With respect to expenses, last year, we made capital investments to improve our local roads, and to improve the Multi Lakes Water and Sewer District’s infrastructure. We also invested in technology and security improvements for elections, and we invested in updating our master plan (a project which is still underway). In most budget line items, our actual expenses were equal to or less than the amount budgeted. Any expenditures above budget were offset by savings in other lines.”

The update concludes by answering the question, many ask where do our tax dollars go. A pie chart was provided showing the 2022 taxes.

The township said “The bulk of dollars are directed toward education: being local school districts, intermediate schools, and community college. Dexter Township receives approximately 2% (orange slice of the pie) as a source of revenue from tax collection.”

The township’s tax distribution has 45 percent of it going to Dexter, Pinckney and Chelsea Schools while Washtenaw County taxes make up 18 percent. Others include Washtenaw Community College at 8 percent, fire at 6 percent, police at 3 percent, the libraries in Chelsea and Dexter at 5 percent and Washtenaw Intermediate School District at 13 percent.

The Washtenaw County taxes include various areas, such as Parks, Mental Health and Public Safety, Roads and Veteran Relief.