Documents

budget 30 pages

Also attached to this agenda item: March 13th Resolution 48-2024 Budget Public Hearing

Proposed Budget Fiscal Year 2024/2025 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 532 Villages tax rates (6 Villages unreported) 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 2024 $12,834,004 • Tax Base Growth Factor 1.0101 • Allowable Levy Growth Factor 1.0200 • Available Carryover – FY2024 $ 100,594 • Total Levy Limit before exclusion $13,323,494 • FYE tax levy limit plus exclusion $13,374,893 • FY2025 Tentative Levy $13,248,263 • When the tax cap was instituted, the FY2012 levy was $10,431,065 • In today’s dollars it is about $14,098,934* • The Tentative FY2025 levy is $13,248,263 • The difference between the tentative levy and adjusted FY2012 levy is $850,671 Tax Levy Cap Effect on Levy * Inflation Calculator | Find US Dollar's Value From 1913-2024 (usinflationcalculator.com) Assessed Valuation Year Assessment % Change FY2021 45,062,239 $ 0.35% FY2022 45,378,705 $ 0.70% FY2023 45,453,442 $ 0.16% FY2024 46,093,362 $ 1.41% FY2025 46,307,435 $ 0.46% Assessed Valuation 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 FY2021 264.731 $ 1.98% FY2022 271.956 $ 2.73% FY2023 278.435 $ 2.38% FY2024 278.435 $ 0.00% FY2025 286.094 $ 2.75% Tax Rate History Tax Bill Analysis Assessment 2023-24 Budgeted Tax Payment 2024-2025 Budgeted Tax Payment Variance $8,000 $2,228 $2,289 $61 $10,000 $2,785 $2,861 $76 $12,000 $3,342 $3,434 $92 $15,800 $4,400 $4,521 $121 $20,000 $5,569 $5,722 $153 Median Assessment • A household with the Median Assessment would see a tax increase of $121.55 • The chart below shows the breakdown of total property taxes for this property: 25% 14% 61% Breakdown of Property Taxes for Village Median Assessment Village Town/County School/Library General Fund Proposed Budget Summary Without Using Fund Balance Proportions by Departments 6% 24% 19% 3% 6% 3% 18% 1% 1% 12% 3% 3% Proposed FY2025 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 13,248,263 7,637,808 7,076,569 4,889,522 6,159,054 7,168,795 8,124,686 125,000 285,000 1,629,000 400,000 725,000 675,000 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 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 $1,040,000 $1,250,000 $1,870,503 $1,448,448 $242,194 $840,206 $1,333,066 $1,080,000 $1,400,000 $- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024* FY2025** Train Station Revenue Collected Over Time Permits Daily *FY2024 Adopted Budget **FY2025 Proposed Budget Water Fund Tentative Budget Summary Village of Croton-on-Hudson Proposed Budget – Water Fund • 3% increase to the current water rate – Proposed water rate per 100 cubic feet $10.7488 – Current water rate per 100 cubic feet $ 10.4357 Village of Croton-on-Hudson Proposed Budget – Water Fund Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 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 $ 2,451,500 Equipment $ 238,400 Fire Dept. Equipment $ 214,200 EMS $ 1,515,600 Parking $ 25,500 Municipal Building $ 102,000 Police Department $ 325,400 Recreation $ 586,300 Total General Fund $ 5,458,900 Village of Croton-on-Hudson Proposed – Water and Sewer Fund Capital Costs Water Main Replacement/Repair $ 0 Total Water Fund $ Nordica Pump Station Sewer shed Improvements $ 55,000 Total Sewer Fund $ 55,000 Village of Croton-on-Hudson Proposed Budget – Capital Project Funding General Fund Debt Issuance $ 1,763,600 Grant Funds $ 1,600,000 CHIPS $ 375,000 General Fund FB $ 620,000 Sewer Fund FB $ 55,000 Gouveia Endowment $ 535,300 Existing Capital Account $ 565,000 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 $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 Long-Term Debt Principal at Beginning of Fiscal Year Bonds The Proposed Budget plans a net decrease in the long-term debt principal of $791,020 by the end of Fiscal Year 2025. Proposed Budget – 2024/2025 Thank you Questions or Comments