Village Of Lake George
News

2018-19 VILLAGE BUDGET REVEALED

February 09, 2018
Table Of Contents:
Summary:
Budget has no increase in property tax
Body:

Lake George Village’s annual budget contains no increase in taxes for the 2018-19 fiscal year. Mayor Robert Blais’ preliminary budget keeps the Village rate at $6.01 per thousand of assessed valuation for the third year in a row.

                The Village’s anticipated expenditures have been cut from $5,152,059 to $5,039,604 along with continued excellent revenues other than taxes allowing the Village budget to remain flat and well under the State’s mandated Tax Cap.

                The budget also appropriates $475,000 from the Village’s Fund Balance expected to be over $2,000,000 during their next fiscal year.

                Major items in the planned year that begins June 1, 2018 and runs to May 31, 2019 continue to be an increase of health insurance from $398,000 to $462,000 and retirement benefits from $120,000 to $143,000.

                The budget includes one new employee in the Village’s Beautification Department that anticipates the Village extending their sharing of services with the Town to include the new Gateway project on the Village’s south end.

                Village Officials salaries are not included for an increase. Village employees are slated to receive a .50 per hour flat increase across the board.

                Major sources of revenue in the Mayor’s budget include:

                                                Parking meters                                 $769,000

                                                Sales Tax                                              $560,000

                                                Occupancy Tax                                  $180,000

                                                Rental of Real Property                 $  48,000

                The Village also benefits from sharing services with the Town of Lake George, receiving $308,000 from the Caldwell Sewer District and $261,133 for Fire Protections Services.

                Included in the 2018-19 budget are funds for the extension of the Village’s antique lampposts program, two pick-up trucks, a new salt shed, new public restrooms and a new server for the Village’s office.

                Another major impact on the Village’s budget is an increase of over $4,000,000 in assessed value, more than the last ten years combined. A majority of that is attributed to the new Marriott Courtyard and renovation of the Surfside resort.

                “Our outside revenues continue to be a major benefit for our taxpayers, “Mayor Blais said, “Along with continued sharing of services with the Town of Lake George.” This year, Village and Town officials are expanding their sharing to maintenance of the Town’s Gateway project, cleaning of the public restrooms and Village buildings.

                Questions, Mayor Robert Blais 518-668-5771 x8

 


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