The LO Village Council has set the budgets for the fiscal year 2006-2007.
The general fund operating millage has been set at 9.8 mills per $1,000 of taxable value. The 2003 water bond debt was set at 1.0395 mills, and the 1998 road bond debt, at 1.2770 mills.
In looking forward to the 2007-2008 fiscal year, the council also voted to form a budget study committee, of President Pro Tem Ken Van Portfliet, and council member Michael Toth.
The committee will explore ways to increase revenue and reduce expenses, in an effort to increase the village’s fund balance in the general fund.