North Elba Budget – On Target for Tax Cap

The Town of North Elba is moving forward with a budget that comes in under their Tax Cap…  originally, the proposed budget came in at $4,707,023 dollars..  The Calculated tax levy limit is only $4,063,020 which meant the preliminary budget exceeded the cap by more than $640,000.. ($644,003)  North Elba Supervisor Robi Politi said “The Highway fund is basically sales tax money which has accumulated over the last few years as result of the re-distribution of sales tax revenue from the county among the towns.”

AUDIO – 111313 – Town of North Elba Budget stays under tax cap

The Tax Cap Calculation for the Town of North Elba allows for an $80,285 dollar increase over the 2013 Town Tax Levy without an override.. Total Appropriations for the Town are projected at $7,081,275… With Projected Revenues of $2,680,254 and a $338,000 appropriation from the fund Balance, The proposed Tax levy will be $4,063,020..   In 2009, the town wide tax rate per thousand was 59 cents…  In 2012 the rate was 50 cents per thousand, 2013… 58 cents per thousand and in 2014 the projected town wide tax rate per thousand  is projected at 51 cents..

In order to accomplish this, the Town decided to remove the requested part time code enforcement position and the full amount of a new plow truck.. The Board also adjusted health insurance and retirement expenses downward by nearly $61,000 for all funds.. Mortgage and sales tax revenues are expected to be up in 2014 by almost $35,000 and highway aid revenue will increase by $16,000. The unreserved fund balance is projected to be $1,674,270 at the end of 2014.. 

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