“If not for the property tax levy that is expiring at the end of the year … we would have a balanced budget for 2024,” Oakwood City Manager Norbert Klopsch said.
The city has enough cash reserves to fill the gap and “there will certainly be no impact to the public services,” he added. “Everything that we’re planning to do in 2024 will mirror what we provided this year and previous years.”
Oakwood’s $18.1 million for general city services includes a $14.5 million general fund, nearly $7 million of which finances police and fire operations, Finance Director Cindy Stafford said.
Wages and salaries for the 88 full-time and 16 part-time workers consume nearly 40% of the next year’s spending plan, which Stafford said is “very conservative,” factoring in inflation and other rising costs.
All non-union employees will receive 2.95% raises, the same rate of increase as union public safety workers and dispatchers, she said.
The union contract for 26 public works employees calls for a 3.75% increase next year. Stafford added. Total personnel costs — including benefits — consume 55.59% of the budget, she said.
Oakwood is projecting $10.8 million for income tax revenue, slightly less than this year’s $11 million, Stafford added.
City council voted a few weeks ago to increase water and sanitary sewer rates next year, the first hike for those services since 2018. Two other services involving customer fees — refuse and stormwater — will not change, officials said.
Oakwood plans to spend $2.29 million for capital improvements projects, much more than this year’s $1.43 million, according to city records. The increase is mainly due to the planned Ohio 48/Far Hills Avenue resurfacing, a joint project with the Ohio Department of Transportation.
ODOT will fund 80% of the work, which is currently projected to cost $1.8 million, according to the state. The city’s share is $360,000 at this point, but that could increase depending on the bidding process, Stafford said.
ODOT officials said the work is expected to go out to bid next month.
OAKWOOD BUDGET
Category 2023 2024
Total net expenditures $24.2M $25M
General fund $14.8M $14.5M
Income tax revenue $11M $10.8M
Capital improvements $1.436M $2.29M
Street maintenance/repair $1.5M $1.56M
Leisure activity $1.32M $1.36M
Source: city of Oakwood
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