POUND RIDGE, N.Y. -- Pound Ridge's Town Board voted unanimously to approve a 2015 budget that would increase the tax rate by about a half percent at its meeting on Thursday night, Dec. 4.
An earlier version of the proposed budget would have involved overriding the state-mandated tax cap, which limits increases in the tax levy to the lesser of two percent or the inflation rate.
According to Steven Conti, the town's director of finance, the revised version stays within the cap. This was achieved, according to Conti, by using highway fund surplus from 2012 and 2013, which accumulated due to relatively milder winters.
Total appropriations for the town's general and highway funds come in at just under $7.7 million. The tax levy, which is the amount of the budget to be paid for by property tax revenue, will be $5,070,980.
The tax rate will rise by 0.58 percent when only the general and highway funds are included. However, it will rise to 2.37 percent when the land reserve is included. Unlike the tax levy, there is no state-mandated cap on the tax rate.
The town's major expenses include employee's health insurance at $978,000, state pension contributions at $470,000, and various types of debt repayment, at nearly $270,000. Road maintenance will receive $200,000 in funding.