During the regularly scheduled Board of Trustees meeting held on March 20, 2006, Village Manager Rick Herbek presented the Mayor and Trustees with the proposed 2006-2007 General Fund Budget. The proposed budget—pegged at $14,013,996—is reflective of a 9.43% property tax increase where village residents could pay $208.88 per $1,000 of assessed valuation, $17.99 higher than 2005-2006.
Mr. Herbek noted several contributing factors to the higher than expected budget proposal that include a recent reduction in property taxes for the Hudson National Golf Club from $242,888 to $81,051—a difference of $161,836—and a subsequent refund of $650,000 for overpayments of taxes in previous years. He also made note of increased labor and benefit costs, ongoing legal expenses—totaling nearly 1.5 million to date—for litigation in both the Millennium Pipeline and Metro Enviro/NIR matters, and an expiring Teamsters contract on May 31, 2006.
The Board of Trustees will convene next week to begin its review of the Budget presented by Mr. Herbek and Treasurer Abraham J. Zambrano.