Valley Stream village board OKs budget

The Valley Stream Board of Trustees adopted the village’s 2011-12 budget on Monday night, approving a plan that will freeze the tax levy in the coming year. The spending plan, $33.8 million for the general fund and $1.4 million for the Henry Waldinger Library, passed unanimously.

Because of some successful tax assessment challenges over the past year, the average homeowner’s tax bill will increase by $40 to $45, according to village officials. The budget maintains all services and programs, and reduces the village work force by 2 percent, all through retirements.

The board will also continue its commitment to the annual road program, with $2 million included in its capital budget for road repairs. That will allow the village to repave about two miles of streets.

Village Treasurer John Mastromarino said the village will be saving about $200,000 in interest on past borrowing because of its AA bond rating. “Wall Street is very happy with our performance,” he said. “We’re in excellent financial shape. There is no wasteful spending.”

The biggest pressures on the budget, Mastromarino explained, were retirement and health insurance costs. If it weren’t for those sizable increases — 40 percent in retirement costs and 7 percent in health insurance — spending actually would have gone down. Instead, it is up less than 2 percent.

The new budget year begins June 1.