By Kathy Savolt -
At the April 24th Board of Trustees meeting, the Board passed the 2023-24 operating budget with a 5-0 vote.
Little changed from the tentative budget presented to the public last month. The final budget included a spending increase of $131,572 for: relief for flood victims ($30K), additional funding for the Community Counseling Center ($10K), funding for new programs by the Village Arts Council ($45K), 10 more day camp scholarships (amount not specified), a temporary, seasonal position for the Bark Park ($10K), and a 7% salary increases for elected officials ($8.5), along with other unspecified items.
The Board reduced the amount to be collected from Revenue Other Than Taxes by $113,200 which, when coupled with the spending increases, opened a budget gap of $244,822. To fill that gap and balance the budget, the Board voted to take an additional $50,000 from the Reserve Fund and increase the amount to be collected by property taxes (tax levy) by $194,822.
Here are the final numbers compared to this year’s budget:
Although spending increased by almost 8%, the tax levy increased by just under 2%. The tax rate per $1,000 of valuation decreased by 4% because of the 6% increase in the Total Taxable Assessed Value of the property in the Village. But don’t spend the savings just yet. If your property assessment increased – it’s based on the fair market value of your property – you probably won’t realize any reduction in your Village taxes.
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