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Overcast and Breezy Freeport’s 2016-2017 budget is a work in progress
It’s round one for Freeport’s 2016-17 proposed budget, and is what Freeport Mayor Robert Kennedy described as “a work in progress.” The Village of Freeport’s tentative 2016-2017 budget is for $69,642,292, up from $66.6 million for 2015-16.
The proposed budget includes revenues of $43,067,402, money that must be raised through taxes and a tax levy increase of 1.21 percent. This translates into a tax rate increase of 1.95 percent for homeowners, bringing it to $63.50 per $100 of assessed valuation.
While all village departments were held to zero increases in its budget lines, there are mandated increases of “$3.5 million for retirement, medical, workman’s compensation, liability and disability and contractual agreements for CSEA employees and the PBA,” Mayor Kennedy said. Additionally the village’s assessed valuation was reduced from $68,366,502 to $67,813,070.
However, “we will continue to work and analyze every revenue and expense,” Mayor Kennedy said. Although the village’s tax cap is 1.45 percent, Mayor Kennedy said he was “confident that all parties concerned will contribute to help reduce the 1.21 percent increase.“
This is the first time in three years that the village has proposed a tax increase. During fiscal years 2014-15 and 2015-16, the village had a no increase, for a tax rate of $62.26 per $100 of assessed valuation.
Over the past year the Village of Freeport has seen an upgrade in its Moody’s rating to A+ and an increase in its reserves from $2.5 million to $9.5 million.
“We have also re-done about 30 roads in the past two years and we hired 10 new police officers this year,” Kennedy said.
A copy of the tentative budget is available at the Village Clerk’s Office. The public is invited to comment on the proposed budget at the Jan. 11 village board meeting.
“We expect to have a final budget in late January,” Kennedy said. “I will continue to review the budget to guarantee that the final product maintains the highest level of services at the lowest cost to village taxpayers.”
