Town Board adopts 2020 preliminary, capital budgets
The Southold Town Board unanimously adopted the 2020 preliminary and capital budgets Wednesday night, exactly two weeks ahead of the Nov. 20 deadline.
Supervisor Scott Russell outlined specifics of his $48 million budget proposal in a presentation Oct. 29. He and the board received virtually no budget-related feedback during Wednesday’s two scheduled public hearings. Two speakers spoke during the hearing on issues not directly related to the budget.
The budget calls for a 1.19% increase in spending and stays within the tax cap with a 1.95% increase. Southold residents with an assessed home value of $6,000 should expect to pay roughly $38.95 more in annual town tax.
Totals for the 2020 preliminary budget estimate $79.3 million in total appropriations and provisions for other uses, $21.7 million in estimated revenue and $9.4 million worth of unexpended balances. These values include special district funds.
As for the capital budget, the total general fund whole town budget for fiscal year 2020 proposed projects is currently valued at about $2.7 million and reserves $80K for proposed 2021 projects.
Photo caption: Supervisor Scott Russell breaks down the budget at an Oct. 29 presentation. (Credit: Mahreen Khan)
Correction: The increase in the spending plan is 1.19%, a change from the tentative budget.
