Proposed $21M Mt. Kisco Budget Within Tax Cap, Would Trigger Rebates
Mount Kisco’s tentative 2015-16 budget of nearly $21 million contains a tax increase but the village’s adherence to the state’s property tax cap would enable eligible property owners to collect a rebate.
If the budget was approved by the village board in its current form, taxes on the average home in Mount Kisco would rise by $106, the equivalent of a 3 percent tax rate increase. However, Interim Village Manager Gerry Faiella noted in his budget message to the board that since Mount Kisco had complied with the cap’s requirements, property owners would be reimbursed by the state.
Under the state formula, the maximum allowable tax levy for the village in 2015-16 is 1.68 percent.
Spending in the $20,976,447 budget is proposed to rise by 1.5 percent over the current year. Adding to the village’s expenses is higher electricity rates, Faiella stated. The New York Power Authority raised rates by 8 percent on March 1, he said.
The village’s contribution to the state’s public employee pension system has decreased by 4.6 percent. The monthly employee health insurance cost fell by 7 percent from June through December in 2014 but it’s been estimated that it has risen 6 percent since January, Faiella said.
Since sales tax revenue remains strong, expected to exceed by $47,000, or 3 percent for 2014-15, that revenue line has been increased by $55,000 for the upcoming year. However, mortgage tax revenues were trending lower for the first half of the current fiscal year, forcing Faiella to reduce that revenue line by $40,000 for next year.
While there are no changes proposed in services, there is funding for the village to continue its police department but with one less officer. There also is another budget scenario should police consolidation with Westchester County be approved, which would save Mount Kisco about $141,000 the first year.
The proposed budget also includes expansion of a part-time safety inspector in the building department into a full-time position and the purchase of two police cars and one pool car.
A public hearing on the proposed budget has been scheduled for Monday, Apr. 6 Village Hall at 7:30 p.m.
