Canton village trustees approve budget, 1.51 percent tax rate increase
By ADAM ATKINSON
CANTON — The village budget for 2018-2019 has been approved by the board of trustees.
The board approved the budget unanimously during their regular meeting Monday night, April 16. A public hearing on the village’s plan for the coming fiscal year was held earlier in the night and no opposition was voiced.Canton is required to adopt a village budget by May 1. The village’s fiscal year begins June 1.
“This proposed budget represents a $0.15 per $1,000 (of assessed property value) increase in the tax rate which is an increase of 1.51 percent from last year,” said Mayor Michael Dalton, reading from his budget message during the hearing. “The increase in the tax levy is 1.98 percent or $32,872. This places the village just under the 2 percent tax cap which is a true 2.0 percent this fiscal year.”
Canton is planning for a total appropriation for the coming year of $6,506,935, which will be offset by revenues of $4,772,390.
Total tax revenues to be collected are $1,690,045.
The 2018-2019 budget uses $44,500 of the village’s fund balance to offset revenues required from taxes.
Taxable assessments increased by $761,553 or .47% over last year, said Dalton. Of the total assessed value of property, $482,883,411, in the village, $320,136,341 or 66.3% is exempt.
“Costs associated with payroll are 33 percent and benefits 22 percent, for a total of 55 percent of the total budget. With payroll benefits consuming this large portion of the budget, controlling labor costs is a priority. All employees that are eligible for health insurance coverage are contributing (at varied levels) towards their premiums, which offsets this cost slightly,” Dalton said.
“The capital equipment requests are outlined in Section 9 of the budget in the amount of $643,830. This budget includes funding of $583,897 for those requests. The funding for last year’s items was $391,026. This is an increase of $192,871,” Dalton said.
“Paving projects scheduled for this year total $108,290 down $9710 form last year’s total of $118,000. This will be covered by CHIPS funding,” said Dalton during his budget message.
The budget can be viewed online on the village website at https://cantonny.gov/2018/04/preliminary-village-budget-2018-2019/.
Tax bills for village residents are mailed to residents by June 1 and can be paid in two installments. Residents can view their tax amounts online at https://cantonny.gov/residents/taxes/.