Village eyes 1.5 percent tax hike

T he village has released its 2013-14 tentative budget and although officials were able to hold the line on most expenses, the spending plan calls for an increase in taxes to make up for insurance costs and an increase in pension contributions.

As proposed, the village’s tax levy, the amount of money it collects through taxes, would increase by 1.5 percent for a second consecutive year.

The increase effectively raises the tax rate from $17.87 per $1,000 of assessed value to $18.13 per $1,000. That means a taxpayer whose home is assessed for $100,000 will pay an additional $26 in village taxes. Some taxpayers may have to pay more than that because of a slight increase in assessments.

Mayor Peter Telisky said the board was able to realize savings in several areas but insurance costs and contract negotiations with its employees drove up costs.

The village will have to pay $9,700 more in state-mandated pension contributions and will pay $131,000 for employees’ heath insurance costs. Workers compensation will cost the village an additional $12,675.

In addition to a 1.5 percent tax hike, residents will also have to pay a little more for their water.

Water rates are expected to increase by two percent, which Telisky said will cost the average user approximately $7 per year. Water rates increased by 10 percent last year, primarily because revenues were not keeping pace with expenses. That gap has been closed in the past year—metered water sales increased by more than $11,000—and officials are hopeful a modest increase will narrow that gap further.

Sewer rates are also set to increase by 2 percent.

The new rates would be reflected on the August billing cycle.

Overall the budget calls for $1,908,788 in appropriations, up from $1,843,033 last year; $176,978 in nontax revenue, and $90,000 from the appropriated fund balance, an increase of $10,000 from last year.

A public hearing on the 2013-14 budget will be held at 6 p.m. on Tuesday, April 16. Barring significant opposition from the public, the village will likely vote to approve the budget during its regular board meeting later that evening.

 

 

 

 

 

 

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