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Village of Pleasantville - FYE 2025 Preliminary Budget - Public Hearing on Monday, April 29, 2024

Posted on: April 12, 2024 - 2:15pm

The Village Board of Trustees has proposed changes to the Tentative Budget for the Village’s Fiscal Year commencing June 1, 2024 and ending May 31, 2025 (FYE2025) submitted on March 20, 2024. A Public Hearing on the FYE2025 Village Preliminary Budget is scheduled for Monday, April 29, 2024 at 8:00PM. Comments may also be submitted to the Village Board linked here.

PROPOSED GENERAL FUND BUDGET AT A GLANCE

  • Appropriations (Spending): $19,709,136
  • Est. Non-Tax Revenue (Revenue): $5,868,930
  • Spec. Assess. & Omitted Taxes (Revenue): $2,734
  • Appropriated Surplus (Revenue): $337,472   
  • Tax Levy (Revenue): $13,500,000

The primary modification to the General Fund Budget entails a $200,000 increase to the tax levy to support the Clark Street and Soldiers & Sailors Drainage Project in FYE 2025. This additional funding will contribute to anticipated debt service costs associated with significant capital projects due in FYE 2026 and beyond, mitigating future tax rate increases.

  • Final Assessment Roll: $126,213,630. *This represents an increase of $2,280,965 over the prior year.
  • Proposed Tax Rate: $106.9615 per $1,000 of Taxable Assessed Valuation

The proposed Tax Rate represents a 4.38% increase over the current tax rate of $102.4750 in effect for the FYE 2024 Budget. The average single-family homeowner would see an increase of approximately $228 in Village taxes. For reference, the Tentative Budget proposed a 2.8% increase to the tax rate.

* The Preliminary Budget is Over the Tax Cap Levy. On June 24, 2011 the property tax cap was signed into law (see Chapter 97 of the NYS Laws of 2011). The tax cap establishes a limit on the annual growth of property taxes levied by local governments to two percent or the rate of inflation, whichever is less.  Based upon these limitations, the tax levy for FYE 2025 Budget cannot exceed $658,903 (General & Refuse Funds) more than the prior year’s tax levy. The Preliminary Budget is over this tax cap, reflecting a levy that is $132,670 in excess of the maximum levy permitted. The Village Board may exceed the tax cap by enacting a local law approved by 60 percent of the total voting power of the government board.

RESIDENTIAL REFUSE TAX LEVY

Under the FYE 2025 Budget, residential refuse taxes will not increase. The rates remain as follows:  

  • Each Condo Unit: $361.67
  • Each Single-Family Residence: $482.23
  • Two Family Residence: $723.35
  • Three Family Residence: $1,085.02

WATER RATES

Under the FYE 2025 Preliminary Budget, water rate are proposed to increase 4% for all residential, business, non-district and bulk customers. For reference, a ‘resident’ water customer can expect to see a $40 increase in their annual water bill. The rate increases are necessary due to the higher New York City raw water rates, chemical and operational costs, and the contractual expenses related to the Millwood Water Treatment Plant. In addition, there are significant capital projects planned, including the replacement of the Village’s two water storage tanks that are reaching the end of their useful life. There will be an appropriation of $202,095 of Fund Balance to support appropriations and keep water rate increases at a reasonable level. The new rates are projected to be as follows:

  • Residents: $70.04 per 1,000 cubic feet (FYE 2024 $67.35)
  • Non-Resident-District: $89.60 per 1,000 cubic feet (FYE 2024 $86.15)
  • Non-Resident: $105.32 per 1,000 cubic feet (FYE 2024 $101.27)
  • Bulk Sales: Pace - Residential rate plus NYC raw water costs
  • Bulk Sales: Cottage School - Residential rate less NYC raw water costs  

ESTIMATES UNRESERVED FUND BALANCE PROJECTIONS AS OF JUNE 1, 2024

After accounting for the appropriations to reserves pursuant to the Village’s Fiscal Policy and for appropriations of Fund Balance required for the FYE 2024 Budget, the Unreserved Fund Balances are projected to be as follows:

  • General Fund: $8,127,150 (41.24% of FYE 2025 Prelim. Budget)
  • Water Fund: $2,732,470 (67.40% of FYE 2025 Prelim. Budget) 
  • Refuse Fund: $641,199 (54.16% of FYE 2025 Prelim. Budget)
  • Debt Svc Fund: $54,040 (% of budget is not applicable - repository fund)

** Estimates as of April 25, 2024

The entire FYE 2025 Preliminary Budget and supporting documents can be viewed here.