by Kathy Savolt -
At a special meeting on April 29th, the Board of Trustees (BOT) passed the budget for fiscal year 2024-25 which starts June 1st. The budget increases the tax levy by 3.37% but reduces the tax rate by 2.42% due to the large increase in the assessed value of the taxable property in the Village.
This tax levy increase is under the New York State Property Tax Levy Cap which is 3.497% for 2024-25. During the many budget work sessions, the BOT debated on whether or not to pierce the cap for next year but managed to find savings elsewhere.
| FY 23/24 | FY 24/25 | Variance | % Change |
Appropriations | 44,885,843 | 46,974,651 | 2,088,808 | 4.65% |
Revenues other than RE taxes | 16,201,178 | 17,095,529 | 894,351 | 5.52% |
Appropriated Fund Balance | 650,000 | 899,000 | 249,000 | 38.31% |
Tax Levy | 28,034,665 | 28,980,122 | 945,457 | 3.37% |
|
|
|
|
|
Assessed Value* | 4,799,598,309 | 5,084,564,277 | 284,965,968 | 5.94% |
Tax Rate/$1,000 | 5.8410 | 5.6996 | (0.1414) | -2.42% |
*Adjustment for FY 24/25 made since Tentative Budget |
Appropriations, or expenses, are projected to increase 4.65% from the current year largely due to increases in pension costs, health insurance and debt service. This increase also includes expenses for the Tax Anticipation Note for the Library which will be paid in full by the Library. See previous article HERE.
Revenues other than taxes are projected be 5.52% higher next year than this year. Next year’s budget includes $50,000 in revenue projections for boat storage at Harbor Island Park and $50,000 for rental inspection fees, a controversial program that was proposed for the current year but not implemented.
At the meeting, Trustee Lou Young questioned whether the inclusion of projected revenue for the rental inspection program implied that the program would be implemented. Deputy Village Manager Dan Sarnoff replied that the BOT would have to pass a local law to create the program. Young replied that he was in favor of the program and “was expecting it to happen.” Mayor Sharon Torres replied that including this item in the budget was “only a conversation.” During the public comment period of the budget hearing, the sole community member present, Glenn Tippett, urged the BOT to refrain from creating programs just to raise money. He stated that any proposed program should benefit the community. Tippett also questioned the required expenses that would be related to enforcement of the inspection program – none of which were included in the budget.
The BOT also appropriated $899,000 from the unrestricted fund balance, increasing this line item by over 38% from the prior year. Sarnoff informed the BOT that some FEMA reimbursement was expected, and the fund balance would be replenished when received. Last fiscal year (2022-23), the Village also balanced its books with FEMA reimbursement.
With the increase in assessed value, the bottom line is a tax rate of $5.6996. To calculate your taxes, divide your most recent assessment by 1,000 and multiply by $5.6996.
Comments