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| Proposed Village of Lowville Budget Includes 2 Percent Property Tax Increase March 27, 2019 11:00 a.m. By: Nick Altmire |
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for the General Fund, with a public hearing for discussion scheduled for April 17 at 4 p.m. at the Village office, located at 5535 Bostwick Street. Spending in the tentative 2019-20 budget is projected at $2,115,000, down slightly from the 2018-19 budgeted amount of $2,163,589. The current budget year ends on May 31st, with the new budget year starting June 1. Even with the minor cut in spending, village residents will see a two percent increase to the property tax levy. The amount to be collected through taxes is projected at $1,621,536, up $47,860 from the $1,573,676 collected in 2018-19. The tax rate per $1,000 of assessed value will jump 18 cents, from $9.24 to $9.42. This means a home assessed at $100,000 would see an $18 increase in their village property taxes, from $924 to $942. Revenue projections remain approximately the same as last year. The difference comes from the amount budgeted to be taken from the fund balance. The 2018- 19 budget projected using $204,933 from the reserve fund, with the 2019-20 budget projecting to use $155,414. The fund balance is estimated to be at $339,000 when the current fiscal year ends. You can view the entire budget document here. |
