Council approves levy increase
The New York Mills City Council approved a levy increase of 4.11 percent, after three years of holding steady. The 2015 tax levy, which was approved at last week’s meeting, is set at $405,000, up from last year’s levy of $389,000.
Although the levy is increasing, most NY Mills taxpayers should see a 4.7 percent drop in their taxes due to an increase in the taxable market value. With a variety of property improvements over the last year, the overall taxable market value has increased. More taxable market value means the city’s financial needs are spread out among more properties. The other factor in the total reduction to taxpayers was a last minute decertification of a TIF district.
The 2015 levied funds ($405,000) will be split between the general fund and debt bond funds. The general levy will be $236,000, while $169,000 will be to cover payments to four bonds. The remaining eight bonds are paid for using funds from other revenue sources such as the liquor store and sewer fees.
After approving the levy, the council approved the final 2015 budget. In the general fund, revenue is expected to be at $1,110,991, while expenditures are expected to be $1,100,452. The difference leaves a general fund net revenue of $10,539. read entire story. . . .