Voters to see levies on ballot in Nov.
By Ashley Luthern
Village voters will see a 2-mill renewal levy, and also are likely to see a 2-mill additional levy, on the November ballot.
Village council unanimously approved a resolution to certify to the Mahoning County Auditor’s office the renewal and additional levy.
Both are for operating expenses, said Councilman David Raspanti.
The 2-mill renewal levy generates about $109,500 annually for the village’s general fund and costs the owner of a $100,000-valued home $58.71 annually, said Anthony Magnetta, county deputy auditor.
The 2-mill renewal levy was on the ballot in November 2002 as a replacement levy, according to Vindicator files.
Village Clerk-Treasure Linda Srnec said the 2-mill additional levy is expected to cost the owner of a $100,000-valued home $61.25 annually and generate $114,848 annually.
Those figures are estimates and final numbers will be known when the auditor certifies both levies, Srnec said.
The finance committee, which consists of Srnec and councilmen Robert Limmer, Marc Cossette and Raspanti, had brought the recommendation for the levies to council a few weeks ago. There was some debate about whether the additional levy would be specified as a street-department levy or general-operating levy.
Council members have said the village has had deficit budgets since 2009 and is expecting a $203,523 deficit at the end of this year.
The village was able to offset the deficits in the past using annual estate-tax revenue and the State Treasury Asset Reserve (STAR) Ohio investment fund. But state lawmakers abolished the inheritance tax beginning in 2013 and the village’s STAR account reserves are dropping, down from more than $1 million to $916,000, officials have said.
If the village drained the STAR account for operational expenses, had no new revenue sources and no large emergency expenditures, the money would last until 2017, according to projections.
Finance committee members also have said that spending the STAR account for general operating expenses likely would draw criticism from state auditors.