Greenport Mayor David Nyce has proposed a general fund budget of $2.9 million next year, increasing the local tax levy by 2.14 percent year-over-year.
Although the figures seems to be above the state’s 2 percent tax cap, the rate includes certain exemptions bringing the budget in compliance with the state mandate: required payments such as contributions to the state employee retirement system are not restricted by the 2 percent cap.
The entire budget proposed by Mr. Nyce totals $10.4 million, and includes the general fund as well as other accounts under the village such as the electric fund ($4.35 million), recreation fund ($1.35 million), sewer fund ($1.34 million) and water fund ($461,500).
Under the $2.9 million general fund spending plan, residents would see an increase in property taxes by 1.54 percent as a result of a higher assessed valuation, according to village treasurer Robert Brandt. The current tax rate is $19.42 per $100 of assessed valuation. That amount has increased $.30 for 2014-15, according to the tentative budget.
Unlike previous years, the 2014-15 shows a decrease in spending to pay down the village’s debt due to paying off the village’s recent sewer upgrades and refunding loans in 2012, Mr. Brandt said.
The board is scheduled to hold a budget hearing Monday, April 7 to discuss the 2014-15 spending plan.
The workshop, which is open to the public, is set for 5 p.m. at the Old School House building on Front Street.
The board has until May 1 to adopt a spending plan.
Scroll down to view the complete tentative budget.