To the Editor,
The Village’s budget for 2016/2017 is behind us now with the good news that residents will see a very small tax increase and will receive their Tax Freeze rebate in the fall. I am very appreciative of the hard work put into developing this budget by Manager King and Treasurer Bullock and how difficult it was to stay under the Tax Cap. This year’s levy was increased by $69,603.34, a combination of the allowable increase for this year of 0.012%, about $40,000, and a carryover of $19,145. The latter number is the amount the previous administration did not utilize in their 2015/2016 tax levy and thus was available to enhance this year’s allowable levy amount. When added to this year’s maximum levy amount, the carry over allowed the Village to remain below the allowable limit in the 2016/2017 budget.
While some very important initiatives have been discarded from being undertaken this year such as moving forward with the important Croton Point Avenue improvement project (more than half of it funded by the federal government), it is good news that two of the projects initiated by the previous administration remain in this year’s capital budget and will be implemented this year. The program to replace street lights with LED lights and the improvement project for Elliott Way between Senasqua Park and the Yacht Club will both move forward.
Overall, the Village is in sound financial shape as evidenced by Moody’s keeping our Aa2 credit rating based on our financial standing at the end of 2015 and the auditor’s acknowledgement that a healthy Fund Balance is an indicator of sound financial condition. Currently the Village’s unrestricted Fund Balance is approximately $4.5 million which is money previously paid in taxes but not spent.
Ann Gallelli, Trustee