Documents

budget 29 pages

Also attached to this agenda item: Croton Comparison to Other Munis Tentative Budget at a Glance

Proposed Budget Fiscal Year 2022/2023 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 – T: Special Purpose Fund (aka 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 What is the Tax Rate per $1000? • The Total Tax Levy divided by the total Taxable Assessed value of the Village How does Croton Compare? • 136th highest of 533 Villages tax rates (8 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 2022 $12,340,998 • Tax Base Growth Factor 1.0058 • Allowable Levy Growth Factor 1.0200 • Available Carryover – FY2022 $ 0.00 • Total Levy Limit before exclusion $12,660,827 • FYE tax levy limit plus exclusion $12,660,827 • 2023 Proposed Levy $12,827,094 Assessed Valuation Year Assessment % Change FY2019 44,741,072 $ FY2020 44,903,335 $ 0.36% FY2021 45,062,239 $ 0.35% FY2022 45,378,705 $ 0.70% FY2023 45,497,509 $ 0.26% Village of Croton-on-Hudson Assessed Valuation Recent Tax History Year Tax Rate/$1000 Increase/Decrease FY2019 258.404 $ FY2020 259.583 $ 0.46% FY2021 264.731 $ 1.98% FY2022 271.956 $ 2.73% FY2023 281.930 $ 3.67% Village of Croton-on-Hudson Tax Rate History Tax Bill Analysis Assessment 2021-22 Budgeted Tax Payment 2022-2023 Budgeted Tax Payment Variance $8,000 $2,176 $2,256 $80 $10,000 $2,720 $2,820 $100 $12,000 $3,263 $3,384 $121 $15,800 $4,297 $4,455 $158 $20,000 $5,439 $5,639 $200 Tax Bill Analysis Median Assessment • A household with the Median Assessment would see a tax increase of $158 • The chart below shows the breakdown of total property taxes for this property: General Fund Proposed Budget Summary Without Using Fund Balance Appropriations FY2023 FY2023 Compared to Previous Years FY2023 Compared to Previous Years *FY2022 is YTD **FY2023 is amount in Tentative Budget Water Fund Proposed Budget Summary Village of Croton-on-Hudson Proposed Budget – Water Fund • 5% increase to the current water rate – Proposed water rate per 100 cubic feet $10.0343 – Current water rate per 100 cubic feet $9.5565 • Expenditures in the Water Fund have decreased 8% since FY2020 • Water Usage since FY2020 has decreased 6.56% Village of Croton-on-Hudson Proposed Budget – Water Fund Water Usage is down 21.84% since 2017 due to the more rapid repairs of leaks, more high-efficiency fixtures being installed and general conservation efforts by Village residents Village of Croton-on-Hudson Proposed Budget – Water Fund 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 Budget – Capital Fund Infrastructure $ 625,000 Equipment $ 328,000 Fire Dept. Equipment $ 700,000 EMS $ 200,000 Municipal Building $ 50,000 Police Department $ 180,720 Recreation $ 10,000 Total General Fund $ 2,093,720 Village of Croton-on-Hudson Proposed Budget – Capital Project Funding General Fund Debt Issuance $1,549,644 Grant Funds $ 284,076 CHIPS $ 250,000 Trust Account $ 10,000 Water Fund Debt Issuance $ 0 Total Debt Outstanding Understanding Fund Balance • Fund Balance is the amount of money separate from the operating budget Village of Croton-on-Hudson Proposed Budget – 2020/2021 Thank you Questions or Comments