LAKE PLACID — The Lake Placid Village Board of Trustees is proposing a $7.2 million budget for the 2024-25 fiscal year.

The $7,223,058 proposed budget is a $558,718, or 8.38%, increase from last year’s $6.6 million budget. The majority of the proposed budget would be funded by taxes. The village board proposes to levy — or collect — $4,281,655 in property taxes from village property owners, just under a 3% increase from last year’s $4,157,280 levy. This increase meets the village’s state-imposed tax cap for 2024-25. The proposed budget would also use $390,149 in reserves, $290 more than last year’s budget.

Tax rates are projected to be $4.74 per $1,000 in assessed value for 2024-25, up 14 cents from last year’s tax rate of $4.60 per $1,000 in assessed value. This means that a person with a $400,000 home in Lake Placid could expect to pay $1,896 in village property taxes in 2024-25.

Village Treasurer Mindy Goddeau said Thursday that the increased expenditures are mostly due to the cost of equipment as well as anticipated grant money that’ll help the village upgrade Peacock Park.

“We were able to spend more because we were taking in more,” she said. “It’ll end up being a wash.”

The board of trustees will hold a public hearing on its proposed budget at 4:15 p.m. on Tuesday, June 25. People can attend the meeting in-person in the first-floor meeting room at the North Elba Town Hall or via Zoom at tinyurl.com/mry7yc4m. Immediately following the public hearing, the village board will meet to vote on the budget.

The tentative budget can be viewed at tinyurl.com/mr294ca6. Copies are also available at the village clerk’s office.