Village of Old Westbury trustees on Monday approved a $14,527,340 budget for the 2016-17 fiscal year that calls for a 0.32 percent spending increase of $46,825 over 2015-16.
The budget calls for a zero percent increase from last year’s tax levy of $10,700,767 which officials say is under the state-mandated tax cap.
The budget also shows $250,000 more in spending than revenues, but Village administrator Kenneth Callahan said the deficit is offset by a contingency account.
“There is a $250,000 contingency account which offsets the $250,000 deficit which in a way makes it a balanced budget,” Callahan said.
Deputy Mayor Edward Novick said the budget is based on sound financial policies.
“The village is fiscally sound and we have a zero percent increase in the taxes we’re levying on our residents,” Novick said Monday night.
As it did last year, the budget calls for $1 million in capital spending.
“The road project that is supposed to start next year is covered in the budget so issuing any bonds won’t be needed,” Mayor Fred Carillo said.
The budget calls for a $249,000 increase in debt service from $48,100 to $292,000 and an $80,000 increase in police medical expenses, from $1,090,000 to $1,170,000.
Street maintenance expenses is expected to increase by $4,000 to $169,000.
Overtime paid to police officers are budget for a $50,000 increase to $325,000 and computers leased by the public safety department is expected to increase by $12,000 to $50,000.
The police retirement system is expected to drop by $400,000 from $1.2 million and police accumulation sick leave will also be reduced by $30,000 from $130,000.
The village anticipates a $50,000 increase in revenue from the state aid mortgage tax to $350,000 and a $185,000 increase in unclassified revenue.
Village grants will see a $200,000 decrease from $225,000, a $100,000 decrease in cellular telephone revenues and an $11,100 decrease pilot payments by Bethel United Pentecostal Church.