Click here to view a 2022 Financial Overview.
The annual budget for Ross Township begins on January 1st and runs through December 31st of each year. The fiscal year begins on January 1st with revenue estimated from the State-required adoption in June of each year of the Tax Budget . The Tax Budget is an estimate of income and expenditures projected through the next fiscal year (18 months from the date of acceptance of the Tax Budget).
In November, the Board of Trustees holds a special meeting called the “Annual Budget Hearing”. During that hearing, each department presents it operational budget for the next year to the Board for approval. Within each department’s budget request are estimates for:
Revenue: The estimated income from all sources plus the amount of revenue carried over from the current fiscal year provides the Subtotal Revenue. Purchases encumbered from the current fiscal year are subtracted from the Subtotal Revenue to produce the Total Estimated Revenue for the upcoming fiscal year.
Expenditures: The estimated expenses of the department for the next fiscal year.
Fund Balances: The Estimated Revenue minus the Estimated Expenditures.
Capital Budget: A 5-year look into the future to determine needed large capital purchases. The Board has defined those capital expenses as follows: property acquisition; new building construction; major facility renovation; and heavy rolling equipment. Generally, heavy rolling equipment is defined as expensive integral equipment which is typically not used on a daily basis.
Real Property Taxation
Click here for a fact sheet on the basics of Real Property Taxation and House Bill (HB) 140.