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The Town of North Elba approved the proposed 2013 Budget on Tuesday night and WNBZ begins a week-long review of the specifics.. Today, we’re focusing on the General Fund balances, Cathy Gregory is the Town’s Budget Officer She presented the finalized 2013 proposed budget to the board during a Public Hearing Tuesday Evening.
A quick look at the overall numbers.. If assessments were to remain the same, The average tax bill for residents in the Lake Placid District will change by approximately nine dollar per hundred thousand in assessed property value.. The Saranac Lake District will see an increase of about eight dollars, and depending on which fire district you’re in, your tax bill will increase by about seven or eight dollars per one hundred thousand unless you’re in the Ray Brook Fire District where that number increases by 12% – approximately twelve dollars per hundred thousand.. The Total taxable values on average have decreased by about one percent – the general fund for example decreasing 1.25% and the Town Highway Fund assessment is down about eight tenths of a percent.
Tomorrow we’ll examine The North Elba Park District, and we’ll ask the board to help us understand howLake Placid’s Airport doesn’t have issues similar to those in Harrietstown.. As our week-long review of the North Elba Budget continues..
General Fund Balances are projected to decrease $98,000 from the 2012 Budget. Major Factors include;
- Loss of Aid and Incentive for Municipalities (State Aid) $20,000
- Decreases in Mortgage Tax revenue $10,000
- Decreases in Recycling revenue $20,000
- Decrease in Construction and Debris dumping revenue $45,000
- Decreases in Interest and Penalties on Real Property Taxes $4,000
To meet the proposed tax levy – The Board Approved $534,235 from multiple fund balance accounts to offset the need for cash vs the need to minimize the increase.
The sum of the unreserved fund balances at the end of 2011 totaled $2,746,390. The fund balances at the end of 2012 is are projected to add up to $2,108,330, and the 2013 budget projects the balances will drop again with the total of all funds at the end of 2013 approaching $1,609,780. The Only fund balance which remains somewhat steady is the Park District Fund, which began 2012 with $115,920 and is projected to end with $128,430. The Park District fund balance in the 2013 North Elba Budget is projected to remain steady at $128,430. The “General Fund” will see a drop from $1,906,790 at the beginning of 2012 to a projected $1,050,860 at the end of 2013 and the other larger fund, the “Highway Fund” will drop from $486,450 to $278,700 by Dec 31st, 2013.