Documents

budget 30 pages

Also attached to this agenda item: Resolution 47-2025 Budget Public Hearing

Proposed Budget Fiscal Year 2025/2026 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 – TC: Custodial Fund (formerly Trust Fund) – H: Capital 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? • 131st highest of 531 Villages tax rates (12 Villages unreported) – Real Property Tax Levies, Taxable Full Value and Full Value Tax Rates | Office of the New York State Comptroller • Of ten villages along the Hudson River in the County, Croton has the smallest proposed tax levy increase (0.97%): – Average: 4.54% – Median: 3.77% – Maximum: 10.57% 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 2025 $13,241,617 • Tax Base Growth Factor 1.0032 • Allowable Levy Growth Factor 1.0200 • Available Carryover – FY2025 $81,877 • Total Levy Limit before exclusion $13,631,386 • FYE tax levy limit plus exclusion $13,650,328 • FY2026 Tentative Levy $13,370,695 • When the tax cap was instituted, the FY2012 levy was $10,431,065 • In today’s dollars it is about $14,496,742* • The Tentative FY2026 levy is $13,370,695 • The difference between the tentative levy and adjusted FY2012 levy is $1,126,047. Tax Levy Cap Effect on Levy * Inflation Calculator | Find US Dollar's Value From 1913-2024 (usinflationcalculator.com) Assessed Valuation FY2022 45,378,705 $ 0.70% FY2023 45,453,442 $ 0.16% FY2024 46,093,362 $ 1.41% FY2025 46,289,424 $ 0.43% FY2026 46,623,327 $ 0.72% Note: The prior fiscal year’s assessment has been updated to reflect the corresponding Final Assessment Roll and the tentative budget reflects the Tentative Assessment Roll Recent Tax History Year Tax Rate/$1000 Increase/Decrease FY2022 271.956 $ 2.73% FY2023 278.435 $ 2.38% FY2024 278.435 $ 0.00% FY2025 286.061 $ 2.74% Tax Bill Analysis Assessment 2024-25 Budgeted Tax Payment 2025-26 Budgeted Tax Payment Variance $8,000 $2,289 $2,295 $6 $10,000 $2,861 $2,868 $7 $12,000 $3,433 $3,442 $9 $15,800 $4,520 $4,532 $12 $20,000 $5,722 $5,736 $14 Median Assessment • A household with the Median Village Assessment would see a tax increase of $11.35 • The chart below shows the breakdown of total property taxes for this property: General Fund Proposed Budget Summary Without Using Fund Balance Proportions by Departments 6% 25% 19% 3% 6% 3% 18% 1% 1% 11% 3% 4% Proposed FY2026 Appropriations Other Benefits & Insurance DPW Engineer Admin Recreation Police Court Contingency Debt Fire EMS Recent Budgets Over Time 11,656,141 11,929,350 12,340,998 12,655,820 12,834,004 13,241,617 13,370,695 7,637,808 7,076,569 4,889,522 6,159,054 7,168,795 8,279,359 9,164,117 125,000 285,000 1,629,000 400,000 725,000 675,000 665,000 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 16,000,000 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Revenues Over Time Tax Levy Non Tax Revenue Approp Fund Balance Recent Budgets Over Time $1,989,500 $1,959,767 $853,540 $990,699 $1,172,520 $1,337,766 $1,250,000 $1,320,000 $1,870,503 $1,448,448 $242,194 $840,206 $1,333,066 $1,504,406 $1,412,000 $1,496,000 $- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025* FY2026** Train Station Revenue Collected Over Time Permits Daily *FY2025 Adopted Budget **FY2026 Proposed Budget Water Fund Tentative Budget Summary Village of Croton-on-Hudson Proposed Budget – Water Fund • 0% increase to the current water rate – Proposed water rate per 100 cubic feet $10.7488 Village of Croton-on-Hudson Proposed Budget – Water Fund Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Usage Over Time Usage Village of Croton-on-Hudson Proposed Budget – Water Fund Water Usage Over Time by Month Village of Croton-on-Hudson Proposed Budget – Sewer Fund Village of Croton-on-Hudson Proposed 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 Proposed - General Fund Capital Costs Infrastructure $ 1,034,300 Equipment $ 393,160 Fire Department $ 351,900 EMS $ 80,600 Parking $ 170,400 Planning $ 51,000 Police Department $ 321,200 Recreation $ 1,041,700 Total General Fund $ 3,458,285 Village of Croton-on-Hudson Proposed – Water and Sewer Fund Capital Costs Water Main Replacement/Repair $ 510,000 Total Water Fund $ 510,000 Total Sewer Fund $ Village of Croton-on-Hudson Proposed Budget – Capital Project Funding General Fund Debt Issuance $ 1,620,485 Water Fund Debt Issuance $ 510,000 Grant Funds $ 400,000 CHIPS $ 400,000 General Fund FB $ 537,800 Gouveia Endowment $ 500,000 Debt Outstanding $37,981,744 $36,590,342 $35,830,536 $33,403,775$34,593,148 $34,810,077 $32,805,084 $31,123,487 $30,719,620 $29,108,400 $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000 $40,000,000 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Long-Term Debt Principal at Beginning of Fiscal Year Bonds Village of Croton-on-Hudson Proposed Budget – 2025/2026 Thank you Questions or Comments