New village budget proposal advanced
Dan McClelland
by Dan McClelland
After several budget workshops in recent weeks the village board has produced a new budget for the 2024-25 village year which will be voted on likely when the board meets next Monday.
Total appropriations will be $3.319 million next year if the budget is adopted. That represents a spending increase of 3.56% or $113,929 more than the village government spent this current year.
The general budget covers the police and fire departments, the department of public works and the village office operation.
In the first draft of the budget sent to the mayor and trustees last month, spending for the new budget year was up only 3.3% or by $107,000.
After estimated revenues predicted for this coming year of $954,236 and the application of a $100,000 fund balance carried forward, a $2.265 million tax levy now remains, which must be carried by village taxpayers.
That tax levy figure predication is down from the first budget draft where it was posted at $2.33 million or up by 8.396% over the figure at this time last year.
The village’s allowable New York State tax levy cap of $2.2 million, so the numbers in the first draft showed the budget would be over it by $111,554.
After the workshops in recent weeks the tax levy is up only 5.66% but still $44,254 over the state tax cap.
The board, in preparation for that eventuality, introduced a local law earlier to allow it to exceed the tax cap, if necessary.
Unlike some years, that resolution will not likely be rescinded.
With a total taxable valuation in the village (all the assessments of all the properties in the village) of $143,459,737 expected for the coming year, the new budget will produce a tax rate for village residents on their June bills of $15.79 per $1,000 of assessed valuation. That’s up by 5.09% over the current village tax rate of $14.98 per $1,000 of assessed valuation.
The total taxable evaluation of all village properties is up by only 900,000 from a year ago or six-tenths of one percent. That’s a vivid reminder the village tax base is stagnant.
In 2022-23 the village tax rate was 15.78 per $1,000. It dropped in 2023-24 to $14.92 per $1,000 but is now back to the figure of two years ago.