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Lake Placid village adopts 2018-19 budget

July 6, 2018
By GRIFFIN KELLY - Staff Writer ( , Lake Placid News

LAKE PLACID - The village board voted unanimously and adopted the 2018-19 budget Thursday, June 28.

The village's tax cap this year is 2 percent, and the proposed $3,728,498 tax levy matches that increase from the current year.

Village Treasurer Paul Ellis said the major projects the budget would fund would be road and sidewalk renovations, some of which have already started in areas such as Parkside Drive, Mirror Lake Drive, Mill Pond Drive, West Valley Road, Signal Hill Road and Swiss Road. These improvements would be paid "in-house," Ellis said.

"That doesn't mean we wouldn't hire a contractor. It just means that we wouldn't take out bonds or borrow any money."

The tax rate will decrease from this current year's 5.8 percent to 5.58 percent per $1,000 assessed property value; however, that doesn't mean taxes would be lower because the total assessed value of taxable village property has increased from $627,797,732 to $689,280,029. That's nearly 10 percent. The tax rate is found by dividing the levy by the total assessed value.

The expenditures increase 6.3 percent from this year's $5,963,878 to $6,365,157. The appropriated fund balance will increase from $269,914 to $479,000.



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