Potsdam trustees approve $10.55 million budget, tax rate increases 1.8 percent
By CRAIG FREILICH
POTSDAM -- The village Board of Trustees approved its $10.55 million Fiscal Year 2019 budget at their regular meeting Monday night.
They also approved overriding the state-imposed tax cap on a unanimous vote.The cap on property taxes has officially been pegged at a two percent higher tax levy in any one year, or the inflation rate, whichever is less. But it actually varies based on the Consumer Price Index calculation of inflation, which has been lower than two percent for several years, plus a number of other adjustments.
“So even at 1.8 percent, we’re over,” according to an automated phone-in calculator, said village Clerk/Treasurer Lori Queor at the budget presentation in March..
“With the complicated formula the state uses, based on the information we provided, it said we were over the tax levy limit,” she said.
The budget calls for $10,550,243 in appropriations, compared with $6,004,416 in the 2018 budget, an increase of $78,091.
The total tax levy for 2018-19 is $7,075,144 which is $77,513 more than the $6,997,631 that was expected at the start of the current fiscal year on June 1, 2017.
The village plans on raising $3,817,838 with taxes for its general fund expenses, or $77,513 more than the current fiscal year.
That is at a rate of $18.16140 per thousand dollars of assessed value on a total of $210,217,117 of property value, an increase of 1.80 percent over the 2017-18 tax rate of $17.83992 per thousand, or 32¢ per thousand more.
The fees for water, sewer and trash expenses are unchanged from the 2017-18 budget lines.
The village’s fiscal year runs from June 1 to May 31.