Report on Town Board November 17 Meeting
2016 Budget
The Town Board adopted the Preliminary Budget at its November 17 meeting. The Board made two changes from the tentative budget: (1) an additional appropriation of $4,000 for each of the hamlet libraries; and
(2) an appropriation of $4500 for a pilot recycling container program (our thanks to Bedford 2020 for a $4500 match).
The Preliminary Budget does not change the Tentative Budget's tax levy increases. The proposed percentage increase is 1.81% which is comfortably below the tax cap of 2.28%. Except for the special districts, this would mean a $32.62 tax increase for the average home (fair market value of $670,500). Given that the Town enjoys a healthy fund balance, we want to give some of that back to the taxpayers by applying $700,000 in General Fund balances: $500,000 to reduce the anticipated debt for the police station renovation and $200,000 to preclude any further tax increase. That would leave us with a General Fund balance of 26% of 2016 expenditures which continues to be quite healthy and in line with expectations from the credit rating agencies.
Click here for the Preliminary Budget.
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