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Finance committee: Waite Hill projects $1.38 million in property tax revenue for 2025
Summary
The Waite Hill Finance Committee reported a projected $1,377,497 in property tax revenue for 2025 (about 28% higher and ~$300,000 above 2024), year-end funds of $8,647,346 for 2024 and warned of a downward general-fund trend despite capital stability.
The Waite Hill Finance Committee presented its January report as part of the council’s Jan. 13, 2025 meeting, outlining revenue, expense and fund-balance trends for the village.
Key figures in the committee’s report include a property tax revenue projection for 2025 of $1,377,497, an increase the report describes as approximately 28% and roughly $300,000 above 2024. Total revenue for 2024 was reported at $1,641,051, up $96,574 from 2023; total expense for 2024 was $1,990,492, an increase of $155,496 from the prior year. The committee reported total funds at year-end 2024 of $8,647,346, a decline of $248,014 compared to year-end 2023.
The report notes that while the total-fund trajectory is flattening, the General Fund trajectory is predicting a decreasing balance in coming years. The Finance Committee identified the Mack Truck balance ($135,704) as the predominant contributor to the 2024 expense increase and advised Council to note that the projected 2025 property tax increase could substantially offset typical declines.
Other financial details provided in the appended report include:
- Local Government Fund revenue for 2024: $170,220 (about $7,374 behind 2023). - Interest income for 2024: $198,615 (about $32,066 ahead of 2023). - Star Ohio annualized yield as of Dec. 6, 2024: 4.52% (down from 4.97%) with average days to maturity of 25.9. - A projected increase in the Willoughby Hills fire contract for 2025 of $13,176 and a nonrecurring true-up charge of $26,420 (total approximate increase ~$40,000), which aligns with the Mayor’s remark about a lump-sum CPI payment related to prior years.
The committee report was appended to the meeting minutes for reference; Council accepted the report by reference and incorporated it into the official minutes.
