Croton-on-Hudson’s Finances Are Strong, But Continue Vigilance is Required
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The Village of Croton-on-Hudson ended the 2023-24 fiscal year with a surplus of $442,673, as reported by the audit prepared by PKF O’Connor Davies and shared with the Board of Trustees at our meeting on Dec. 18. This marks the third consecutive year with a surplus following the COVID-19 pandemic.
The surplus will allow the village to fund items in its capital program. A portion of the surplus will also be available to be appropriated in the 2025-26 village budget to minimize any potential tax increase.
Croton village taxpayers appreciate that our village has remained under the tax cap for the last 10 years, even during the pandemic and the current inflationary period.
However, we continue to face fiscal challenges. Revenue from the train station parking lot remains approximately $1 million below pre-pandemic levels, and inflation continues to outpace the 2 percent tax cap.
Ensuring the fiscal stability of the village while checking property taxes, despite inflation, requires a multipronged strategy. The board must carefully control expenditures. At the same time, we must deliberately cultivate new revenue sources and manage the growth of the tax base with properly planned new development.
Brian Pugh, Mayor
Croton-on-Hudson
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