New Hyde Park Adopts 2013-14 Budget Inches Below Tax Cap

The New Hyde Park Village Board has adopted a budget for the 2013-14 fiscal year that comes a hairsbreadth below the state-imposed tax cap.

When the board held their budget hearing on April 2, the tax rate was approximately 3.9 percent with a cap of 2.23 percent. The final numbers for the 2013-14 village budget presented on April 16 are a tax rate of $20.62 per $100, an increase of 58 cents from 2012-13 or a 2.91 percent increase. The average home in the village with an average assessment of $5,400 would be required to pay an additional $29.16 a year in village taxes.

“We hope that that’s acceptable,” mayor Robert Lofaro said on April 16 at the village hall. “Passing the budget only means we set what the tax rate is and that’s the amount of money we’re going to be collecting in taxes. It doesn’t mean that we’re going to spend any of this money, or we may spend more or we may spend less, it really, as the year progresses, we’ll see; the budget is a guideline.”

The village was allowed an increase of $90,000 if it adhered to the state tax cap calculation of 2.23 percent. The adopted budget proposes an increase of $81,314 or 2.04 percent, 0.19 percent below the cap.

The tax rate is found by dividing the net assessed value from the total village assessment roll ($19,692,493), subtract all exemptions, and multiply by 100. This equals the total tax rate per $100 of assessed value of a property. The tax rate for 2013-14 will be $20.62, a 2.91 percent increase from last year’s $20.04. As a comparison, tax rates for previous years are as follows: 2012-13: $20.04; 2011-12: $19.53; 2010-11: $18.60.

Changes to the budget include reductions in salaries due to the death of one employee and resignation of another four weeks ago with salaries adjusted downward as well as associated benefits like health insurance premiums.

The 2013-14 village budget totals $5,853,068.67. Besides the $4.06 million revenue from property taxes, the village will receive $291,000 from taxes on utilities (electric, telephone, Cablevision, Verizon, Keyspan), $517,160 from parking lot permits, parking meters, and parking vouchers, and $18,000 from zoning fees and deposits. Licenses and permits add another $165,300, while fines and forfeiture revenues total $372,500. State aid will add a projected $381,855 to the village coffers.

While the budget is balanced, expenditure for the village are estimated as follows: board of trustees and mayor: $47,800; judicial department: $133.904; auditing: $47,000; treasurer: $76,840; budget and assessment: $13,000; clerk staff: $156,270; law (retainer and contractual): $80,000; engineering: $10,000; elections: $2,125. Shared services for the village hall will total $50,650 and the central garage will receive $273,600.

Special items such as unallocated insurance, claims & judgments (certiorari settlements), and a contingency account totals $329,060. Public safety including on-street parking and fees, safety inspections and civil defense (village auxiliary police) will cost $244,174.45.

The culture & recreation department will receive $186,539, while it will cost $16,240 to run the zoning board. Refuse collection and disposal will total a little over $1.04 million.

A total of $12,000 is allocated for tree planting around the village, and residents who wish to have a tree planted in front of their homes should contact the department of public works. $1.44 million is budgeted for village employee benefits.

The transportation portion of the budget totals $1.017 million, and includes street maintenance,, $24,927 for road construction, $60,000 for snow removal and $90,000 for street lighting and maintenance.

Currently the Village has four outstanding bonds of 3.4 percent ($1 million), 3.95 percent ($900,000), a $1.1 million variable rate and 2 percent ($1.3 million). Principal for the bonds will be $400,000 for the 2013-14 year with $75,072 in interest. The principle amount will hold through 2015-16, before dropping to $300,000 a year for 2015-16 and 2016-17, then to $200,000 in 2017-18 and 2018-19. The bonds are projected to be paid off by 2025-26.

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