LAKE PLACID - The village's 2014-15 tentative budget proposes a modest increase in spending and stays just below the tax cap.
The general fund spending is $5,811,156, an increase of about $102,000 from the current fiscal year. To help meet the 1.56 percent state tax cap, village officials plan to appropriate $38,000 from the fund balance.
"This budget brings us within $10 below the tax cap," Mayor Craig Randall said.
The $3,579,620 property tax levy will increase by $55,000. The estimated tax rate per $1,000 is proposed at $5.77. That's 9 cents less than the current fiscal year, which ends on June 30.
Personnel levels and expenses remained about the same as the current fiscal year. Health benefits were the biggest increase in village spending.
"Over the past couple years we have been working on the health insurance programs to get good plans with lower premium costs," Randall said.
By the #s
|Tax rate:||$5.7 per $1,000 assessed property value|
There was a $18.9 million increase in the village's taxable assessed valuation. This amount is tentative and will be determined later, after a period for grievances. The 2013-14 tax roll was $600,686,876.
"The thing that is driving the tax rate this year is the increase in our taxable assessed valuation base that is used to derive the tax rate for the coming year," Randall said.
The village has a total of $16.7 million in debt, some long term and some short term. That number excludes about $3.5 million in expected debt from the sewer trunk line project. The majority is sewer debt at $10 million, $3.3 million is water debt and $2.6 million in general fund debt.
Randall said he does not foresee any need to increase water rates; however, sewer rates could increase. Once the trunk sewer line project is completed, the board will reassess current sewer rates.
The fund balance reserve is currently at $3 million.
"We are in good shape, fund balance wise; it's about two months' operating expense for the village." Randall said.
Some proposed capital purchases include a vacuum truck for about $275,000 to replace an old vehicle, a dump truck for about $140,000 and a $15,000 copier for the village office.
The mayor's 2014-15 tentative budget was unveiled at Monday's village board meeting. The board will now review the budget and make suggestions. Then there will be a public hearing on June 16.
"The board will continue to work on it," Randall said. "After the public hearing is held, the board can modify the budget."
A budget must be approved by July 1.