Village of Lake Placid proposes 1.4% tax levy hike
Tax rate would drop slightly; water rate would rise 9.4%
LAKE PLACID — This village is proposing a 2017-18 budget right at its maximum tax levy of $3,655,390, an increase of 1.4 percent over this fiscal year.
The estimated tax rate would be $5.81 per $1,000 of assessed property value, a decrease of nearly 2 cents compared to the 2016-17 budget.
Total proposed expenditures are $5,938,878, an estimated increase of 0.72 percent over 2016-17.
Estimated revenue in the proposed budget totals $5,668,964, a 3.86 percent decrease from the 2016-17 adopted budget.
As a result, the village has decided to use $269,914 of appropriated fund balance to help offset the shortfall of the same amount between budgeted revenue and expenditures for 2017-18.
The village proposes a 9.36 percent increase in water rates to make up for a negative difference of $146,412 between 2017-18 budgeted water fund revenues of $1.56 million and expenditures of $1.71 million. Last year, the village proposed an increase of 4.5 percent in water rates to balance the 2016-17 water budget.
The village proposes a 0.65 percent rate hike in sewer rates to balance a negative difference of $15,881 between 2017-18 budgeted sewer fund revenues of $2.455 million and expenditures of $2.471 million. Village sewer rates remained flat between 2015-16 and 2016-17.
The village also proposes to use $334,461 of its fund balance to balance its electric fund budget. The village denoted an anticipated negative difference of $334,461 for 2017-18 due to higher projected 2017-18 electric expenditures ($8.984 million) versus revenues ($8.65 million).
A budget public hearing is scheduled for 5 p.m. Monday June 19 at the North Elba Town Hall. The village’s deadline to finalize an adopted budget for 2017-18 is July 1.
A PDF copy of the budget can be viewed and downloaded on the village’s website at http://villageoflakeplacid.ny.gov/content/Generic/View/112.