The Sagaponack Village Board released its tentative budget for the 2013-14 fiscal year this week, showing an increase in spending but a decrease in the village’s tax levy thanks to rising revenues and a swelling overall property assessment in the village.
The $789,612 budget proposal hikes spending from 2012-13 by $81,500, or about 11.5 percent, mostly in small increases to a wide variety of budget lines—the single largest being a $9,600 increase to employee benefits costs—and a doubling of the village’s annual contribution to its Highway Department’s capital expenditures fund, from $100,000 to $200,000.
The budget also makes a number of spending cuts, largely on the back of expiring loans, and projects an $84,000 increase in anticipated revenues from various village fees, primarily connected to residential development.
And with the village’s total assessment rising from $4.187 billion to $4.273 billion, the tax rate for residents will decline slightly, from 0.067 cents to 0.0652 cents per $1,000 of assessed value.
The village will hold its official public hearing on the budget at 4 p.m. this coming Monday, April 15, at Village Hall.
on Apr 10, 2013