By: Nicole Falco
The Village of Valley Stream-s proposed budget-to-budget increase is approximately $2.9 million, or almost 12 percent. The tentative increase would translate into a 14.8 percent tax rate increase or an additional $3.54 per $100 for the average homeowner.
According to the village clerk, the increase is being driven by $1.9 million in tax certiorari settlements, including $1.3 million that must be returned to Green Acres Mall, and an increase of more than $1 million in state-mandated contributions to employee retirement benefits.
There is very little in this budget that the village actually gets control over, said Vincent Ang, the village clerk. Fourteen or 15 percent that-s what we really have control over, and that-s what we operate the village on.
The mayor and board of trustees are presenting the 2004-05 budget at a public hearing on Monday, April 12, at 7:30 p.m. in the Village Hall courtroom. Following the hearing, the board may vote on whether to adopt the budget. The village-s fiscal year begins June 1.
The tentative budget comes in at just under $27.77 million, compared with $24.85 million for the 2003-04 fiscal year. If the tentative budget becomes the actual budget, the tax rate will increase by $3.54, to $27.49 per $100 of assessed value.
Last year, the village included $250,000 for tax certiorari settlements in its budget proposal. This year, with tax certiorari settlements nearing the $2 million mark, the village opted to bond, or borrow, the money instead. Bonds are generally paid back over a 20-year period.
The village has no control over tax certiorari settlements, which are mandated by Nassau County Supreme Court. The village was hit hard this year by tax certiorari settlements due to the county-s property reassessments last year. Overall, the assessed valuation in the village dropped, mainly because commercial properties were assessed at lower values. Therefore, any commercial property owner who paid too much in taxes last year is entitled to have the excess money returned.
The village expects to have to contribute $1.3 million more than it did last year to retirement benefits for its employees. As is the case with school districts, the village is mandated by the state to contribute to employee pension funds.
There are no new initiatives being proposed for next year. Unfortunately, [the mayor and the board] couldn-t do that with what we got hit with, Ang said.
He acknowledged that the proposed budget increase is significant, but said, The village has not really had a substantial increase like that in quite a long time.
The 2003-04 budget included a 4.4 percent, or $1.72 million, increase over the previous year-s budget of almost $23.13 million. The 2001-02 budget was just under $22.15 million.
