Tax Rate Decreases in Lakewood’s Proposed Budget

Lakewood, NY’s tax rate decreases 8 cents per thousand in the proposed 2019-2020 tentative budget.

Village of Lakewood Deputy Mayor, Ted McCague, acting as Chief Budget
Officer, has filed the 2019-2020 tentative budget with the Village Clerk. The proposal recommends a tax rate of $7.91094 per thousand as compared to the present tax rate of $7.992758 per thousand which is a decrease of 8 cents per thousand.

For NYS Tax Cap purposes the proposed levy will remain below the annual 2% tax cap. The village’s total assessment increased year-over-year from $241,295,551 to $244,440,541. Revenues, estimated conservatively, decreased 2.56% from $1,694,475 to $1,651,166, a decrease of $43,309, largely due to the governor’s proposed cut back of AIM funding.
Under the proposed budget, expenses are decreased by 2.14% from 3,805,509 to $3,723,921, a difference of $81,587.

While numerous efficiencies were achieved over the past year, they were offset by an $83,764 increase in hospital and medical insurance costs. “I’m pleased to offer village residents this disciplined, financially responsible budget for the coming fiscal year while we continue our efforts to find operational efficiencies wherever possible and consider proposals to increase village revenue”, said McCague.

The Village of Lakewood Board of Trustees will now review the tentative budget and it is subject to their approval. A Public Hearing on the proposed village budget is scheduled for April 8, 2019 at 6:50 PM during the regularly scheduled Village Board meeting.

The Village of Lakewood’s budget 2019-2020 must be adopted by May 1, 2019