by Kathy Savolt -
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Let the budget process begin! On March 20th the Village released the tentative budget that reflects the work of the department heads and senior staff. See HERE.
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The tentative budget is the beginning of the official budget process as the staff present their budget to the Board of Trustees (BOT) and the public. At the March 25th meeting, the BOT opened the Public Hearing on the budget and began work toward adopting a final budget on or before the April 30th deadline.
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There will be many meetings (see schedule HERE) and much discussion before the final budget is drafted and approved. The tentative budget proposes a tax levy increase of 3.43% which is under the State tax cap. The total assessed value of Village property has increased 12.68% which will affect the taxes we pay.
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The increase in proposed expenses is 8.03% which includes the expense for the Library Tax Anticipation Note. Since the Library is reimbursing the Village for the entire amount, this is an artificial increase. When the Library TAN is subtracted, the total increase in expenditures is $2.1 million or 4.74%. Most of this increase (84%) is attributable to four line items that are not subject to change due to legal obligations and requirements.
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Here are the details:
Tax Levy
Proposed Tax Rate Increase   3.43%
Property Tax Levy Cap           3.497%
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Assessed Value of Total Village Property
2023-24Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â $4,514,192,104
2024-25Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â $5,086,733,022
Increase in Assessed Value    12.68%
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Total Expenditures
2023-24Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â $44,889,143
2024-25*Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â $48,494,870
Increase                                 8.03%
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*Expenses Adjusted for Library TAN (included in Revenue and Expenses)
2023-24Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â $44,889,143
2024-25*Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â $47,017,060
Increase $Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â $2,128,548Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
Increase %Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 4.74%
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84% of Increase is due to 4 Line Items
Police Retirement                   + 604,506
Debt Repayment                     + 470,242
Health Insurance                     + 438,229
Other Retirement                   + 282,598
Total                                      $1,795,575
