Greenport Village residents can learn more about and comment on Greenport Mayor David Nyce’s proposed 2014-15 general fund budget of $2.9 million during a 5 p.m. budget hearing Monday.
The budget increases the property tax levy for village residents by 2.14 percent year-over-year.
Although that exceeds the state’s 2 percent cap on tax increases, the rate is permissible because the general fund budget includes state-mandated payments — such as contributions to the state employee retirement system — that are exempt from the cap, said village treasurer Robert Brandt.
Under the $2.9 million general fund spending plan, Mr. Brandt said, property taxes would increase by 1.54 percent as the result of a higher assessed valuation by Southold Town. The property tax rate in the village would rise from $19.42 per $100 of assessed valuation to $19.72, according to the tentative budget.
The entire proposed budget totals $10.4 million, which includes the general fund as well as other village obligations such as the electric fund ($4.35 million), recreation fund ($1.35 million), sewer fund ($1.34 million) and water fund ($461,500), which do not affect property taxes.
The meeting, which is open to the public, will take place at the Old School House building on Front Street.
Board members have until May 1 to adopt a spending plan.