Documents › Board Of Trustees, 2026-03-25

budget 30 pages

Also attached to this agenda item: Resolution 46-2026 Budget Public Hearing

Tentative Budget Fiscal Year 2026/2027 Village of Croton-on-Hudson What is a Budget? • “A local government budget is a financial plan that details the government’s projected revenues and expenditures for a defined period of time.” • Citizens' Guide to Local Budgets (state.ny.us) Why is it important? • Allows public to see where their taxes or service fees are spent • Keeps the Village Board Accountable • Inherently requires planning ahead • The Budget puts limits on spending municipal funds Understanding the Basics • Fund Accounting – A: General Fund – F: Water Fund – G: Sewer Fund – H: Capital Fund – T: Custodial Fund – V: Debt Fund Understanding the Basics (cont) • NYS has a standard set of account codes using a Fund, Organization, and Object number • Example: A.1010.4000 – A is General Fund – 1010 means Board of Trustees – 4000 means contractual expenses Chart of Accounts Query | Office of the New York State Comptroller What is the Tax Rate per $1,000? • The Total Tax Levy divided by the total Taxable Assessed value of the Village – This figure is multiplied by 1,000 for simplicity How does Croton Compare? • Out of the 530 villages in New York State, Croton-on-Hudson has a tax rate that is ranked 398 (7.53 per $1,000 based on a full valuation). • The tax rates among all villages rank from 0 to 17.04. Real Property Tax Levies, Taxable Full Value and Full Value Tax Rates | Office of the New York State Comptroller Understanding Limits • NYS has a Constitutional Tax Limit • The Tax Cap is a limit of the increase from year to year on the total levy after exclusions are considered • This can be different than any increase in the tax rate per thousand Tax Levy Cap Calculation • Tax Levy FYE 2026 $13,332,122 • Tax Base Growth Factor 1.0057 • Allowable Levy Growth Factor 1.0200 • Available Carryover – FY2025 $204,471 • Total Levy Limit before exclusion $13,880,027 • FYE tax levy limit plus exclusion $13,904,547 • FY2026 Tentative Levy $13,791,502 • When the tax cap was instituted, the FY2012, the tax levy was $10,431,065. • In today’s dollars, that is roughly equal to $15,153,955. • The Tentative FY2027 levy is $13,791,502. • The difference between the tentative levy and adjusted FY2012 levy is $1,362,453. Tax Levy Cap Effect on Levy * Inflation Calculator | Find US Dollar's Value From 1913-2026 (usinflationcalculator.com) Village Adherence to Tax Cap • Since the tax levy cap law was instituted in 2012, the Village has remained under the tax cap for all but one of the years (2014-2015). • Village taxpayers have paid $1,713,702 less in taxes compared to what the allowable levies were through the 2025- 2026 fiscal year. Recent Tax History Year Tax Rate/$1000 Increase/Decrease FY2023 278.435 $ 2.38% FY2024 278.435 $ 0.00% FY2025 286.061 $ 2.74% FY2026 286.064 $ 0.00% Village of Croton-on-Hudson Tax Rate History Tax Levy Increase Comparison • The Tentative Budget for Croton-on-Hudson increases the tax levy by $459,379. • For comparison purposes: – Briarcliff Manor: $576,694 increase in levy. – Hastings: $428,468 increase in levy. – Pelham: $1,202,753 increase in levy. – Pleasantville: $467,082 increase in levy. – Rye Brook: $509,320 increase in levy. Assessed Valuation The 2026 Village Assessment Roll set the assessed valuation of the Village at $46,605,432. In March 2025, the Village Board adopted a local to no longer serve as an assessing unit and begin utilizing the assessment roll of the Town of Cortlandt in the 2026-2027 fiscal year. The 2025 Town Assessment Roll (established September 15, 2025) set the assessed valuation of the Village at $21,828,115. The large difference in the assessed valuation between the Town and Village rolls is a result of the Village conducting a revaluation of property in 1967, while the Town last conducted a revaluation in the 1950s. As a result of this difference in baseline assessed valuation, the tax rate per $1,000 of assessed valuation has increased in the budget from $286.064 in FY2026 to $631.823 in FY2027. General Fund Proposed Budget Summary Without Using Fund Balance Proportions by Departments Recent Budgets Over Time Recent Budgets Over Time *FY2026 Adopted Budget **FY2027 Proposed Budget Water Fund Tentative Budget Summary Village of Croton-on-Hudson Tentative Budget – Water Fund • 0% increase to the current water rate – Proposed water rate per 100 cubic feet $10.7488 Village of Croton-on-Hudson Tentative Budget – Water Fund Village of Croton-on-Hudson Tentative Budget – Water Fund Village of Croton-on-Hudson Tentative Budget – Sewer Fund Village of Croton-on-Hudson Tentative Budget – Sewer Fund Percent of Change 0% Increase Current sewer rate per 100 cubic ft. of water consumption is $ 1.9782 Village of Croton-on-Hudson Tentative - General Fund Capital Costs Infrastructure $ 3,500,321 Garage $ 117,875 Equipment $ 492,000 Fire Department $ 740,563 EMS $ 108,650 Parking $ 734,325 Municipal Building $ 205,800 Planning $ 41,000 Police Department $ 1,087,369 Recreation $ 258,500 Total General Fund $ 7,286,403 Village of Croton-on-Hudson Tentative – Water & Sewer Fund Capital Costs Water Main to DPW $ 1,000,000 Total Water Fund $ 1,000,000 Total Sewer Fund $ Village of Croton-on-Hudson Tentative Budget – Capital Project Funding General Fund Debt Issuance $ 4,823,152 Grant Funds $ 1,410,251 CHIPS $ 500,000 Escrow (SRA Sidewalk) $ 28,000 General Fund FB $ 525,000 Water Fund FB $ 1,000,000 Debt Outstanding Village of Croton-on-Hudson Tentative Budget – 2026/2027 Thank you Questions or Comments