Village Board adopts 2017-2018 Budget on April 4, 2017
2017 – 2018 Village Operating Budget
The annual budget hearing was held on Monday, April 3rd at 7:30 pm. Village Clerk/Treasurer Hillmann presented the 2017-2018 tentative budget with a proposed total appropriation of $6,196,372.90 with a proposed tax rate of $21.89 per $100 assessed valuation, representing a 2.1% increase in the tax rate.
Throughout the budget hearing presentation, Mayor Montreuil provided opportunity for comment and questions. At the conclusion of the hearing, the Village Board voted unani-mously to adopt the 2017/2018 operating budget as presented, with no changes or amend-ments. And for the 6th consecutive year, the 2017/2018 operating budget does not exceed the State mandated 2% tax cap.
The total appropriation of $6,196,372.90 represents an increase of $70,576.04 from last year’s budget. The budget authorizes a tax levy of $4,290,191.90, an increase of $67,212.04 from last year’s budget. This calculates to a tax rate of $21.89 per $100 of assessed valuation, a $0.45 increase which is a 2.1% increase from last year’s tax rate.
What does this all mean? How does this impact you? The average assessed household in the Village (with an assessed valuation of 5,400) will be required to pay an additional $24.30 a year in Village tax.
The total Village Assessment Roll as of April 1, 2017 was set at 19,601,904 a decrease of 92,312 from last year’s total assessment of 19,694,216. Other revenue sources in the budget are projected at $1,906,181 which represents a $3,364 increase from last year, or about .18%.
The Village’s calculation for the 2% Tax Cap Limit projects an allowable tax levy increase of $67,816.36 or 1.59% to be within the guidelines. The adopted budget authorizes a tax levy increase of $67,212.04 or 1.57%, which meets the 2% Tax Cap Limit.
Here are some of the budget highlights:
Medical, dental, and vision expenses are projected to be $823,294.42 a decrease of $1,883.58 from last year. Effective June 1, 2016, all employees who choose to participate in health care coverage are required to contribute between 5% and 20% towards medical expense.
State Retirement expenses are projected to be $287,583, an increase of $7,540 from last year.
Worker’s Compensation Insurance expenses are projected to be $168,490.49, an increase of $4,490.49 from last year.
The decrease to the total Village Assessment Roll of 92,312 represents a decrease in tax revenue of $20,207.10. Successful property tax grievances and certiorari settlements are two of the primary reasons for the decline in the Village Assessment Roll.