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Supervisor Vecchio’s 2004 Budget Message
Town taxes are increased for 2004 by $7.26 per year. Highway taxes are increased by $52.16 per year on an average home assessed at $6,000.
TOWN GENERAL FUND
We entered year 2003 with a $9 million surplus in the General Fund. An additional $2.9 million was realized with an historically high increase in mortgage tax revenue raising the total to $11.9 million which was applied as follows:
$1 million applied to 2003 budget
$1.5 million set aside for 2003 medical claims
$.5 million for insurance costs
$.5 million funded capital projects in 2003
$.3 million for transfer to the Special District Library for reimbursement of prior medical claims
The remaining $8.1 million was used in the following manner:
$1 million to fund 2004 budget
$1 million for employee retirement contributions
$6.1 million retained to insure the Town’s Aa3 bond rating
The above application keeps the general fund at the same tax rate of $70.154 per thousand and results in no tax increase.
PART TOWN-OUTSIDE VILLAGE & LIGHTING DISTRICTS
This fund had $2.2 million in surplus at the start of 2003. An additional $400,000 was generated in 2003 making a total of $2.6 million available and was applied as follows:
$486,000 to the 2003 budget.
$500,000 to curb and sidewalk repair
$400,000 is applied to 2004
$200,000 for employee retirement contributions for 2004 budget
We retain $1 million in surplus to insure our bond rating.
Taxes are increased by $7.46 for an average home assessed at $6,000.
HIGHWAY
Highway taxes have increased by $52.16 per average home assessed at $6,000. It should be noted that approximately $17 of the above increase is employee related (contractual salary increase, pension costs, etc.).
Highway Road Account Fund
Rate increases $53.516 per thousand to $57.963 per thousand. This amounts to approximately $13 and is attributable to $500,000 allocation to road repair which now increases to $2.6 million. Highway total for road repair, drainage and curbs now totals $4.1 million which includes state funding of $1.5 million.
Highway Snow and Machinery Fund:
Rate increases from $15.457 per thousand to $19.704. The increase in these funds is approximately $23 owing to the severe winter of 2003, increases in contractual costs and reduced surplus application.
CAPITAL PROJECTS
I am recommending $2.637 million in projects, click here for details. One million of this amount is based on an estimate of $8 million in mortgage tax revenues. Should this estimate not be realized, then any diminution of that amount would need to be bonded.
HIGHLIGHTS
Beautification:
I have allocated $170,000 to be expended on ornamental lighting in the central business district.
30 lights in Smithtown
14 lights in Kings Park
18 lights to complete St. James
I have included funding for seasonal employees in the Outside Village Fund for central business work projects.
Sidewalks:
An additional $500,000 over and above the normal $175,000 operating budget.
Parks and Recreation:
$380,000 for parks and recreational facilities.
Armory Project:
$250,000 for the second phase of the park plans.
Historical Site Repair:
$200,000
Senior Citizens Center:
$50,000 for ongoing renovations.
Elected Officials:
Town employees have received a 3% increase in for 2003 and 3.5% for 2004. I am recommending that elected officials receive 3.5% for 2004 and this is included in the general fund budget.
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