Trustees approves $6 million equipment transfer

By Dana Casadei

On Monday, May 8, the Bloomfield Township Board of Trustees voted unanimously for the approval to transfer and commit up to $6 million to the equipment and replacement fund for the fiscal year ending March 31, 2023, in order to cover actual revenue balances.

The board had already approved the transfer and commitment of up to $5 million for the funds for the same fiscal year in February, an amount based on actual expenditures through the first three quarters and projections for the fourth quarter. 

And while the fiscal year isn’t officially closed, the new and updated projections are better than what was anticipated this winter, leading to an increased ask for the equipment and replacement fund.

Jason Theis, township finance director, explained there were a variety of items which played a part into the exceeded projections, including the township having double digit savings throughout all 12 months of the fiscal year.

This fiscal year also included many vacancies for budgeted positions, with eight remaining to be filed.

Other items of note included investment earnings being over 300 percent of budget and healthcare costs being 16 percent below budget. Salt use for the township was 74 percent of the budget, while EMS support fees came in at 117 percent. 

Theis emphasized that this was not a budget amendment request, and even with this increased amount the township’s general fund will not only be under budget but will also add to its fund balance.

Currently, the budget for the equipment and replacement fund is $3,825,000. This approved addition would increase the budget to $9,825,000, which will be used towards large storm water projects, equipment replacements and facilities’ repairs.

This $6 million will not be added to the approved budget from February, but will replace it entirely.