Yates looks at 1.4 percent tax levy increase

Oct 14, 2015 at 03:54 am by Observer-Review


Yates looks at 1.4 percent tax levy increase ADVERTISEMENT

Yates looks at 1.4 percent tax levy increase

YATES COUNTY--The initial Yates County budget numbers indicate the county will remain at the tax cap in 2016. Yates County Budget Officer Winona Flynn released the preliminary 2016 county budget numbers Tuesday, Oct. 13, which shows a proposed $221,146 tax levy increase, which is up 1.4 percent over last year. The total 2016 tax levy is estimated to be $16,031,478. The allowable tax increase for 2016 from the tax cap is $223,112 or a 1.41 percent increase. The 2016 numbers also indicate a decrease in the county's tax rate.
"Because of the modest increase in the tax levy and a robust 4.19 percent increase in the value of taxable property in the county, the proposed 2016 property tax rate will decline to $6.72 per $1,000 from the 2015 tax rate of $6.90 per $1,000, a reduction of 2.61 percent," Flynn said.
The preliminary budget expenditures for 2016 total $41,427,313. This is $1,313,103 less than the 2015 budget, indicating a 3.07 decrease in overall expenditures. The county's total 2016 revenue is projected to be $23,961,684. This is a $760,633 decrease from 2015, or 3.08 down.
Flynn also indicated the county would be using less in reserves to offset the tax levy in 2016. The total reserves to offset the levy will amount to$1,434,151, which is down $773,616 from 2015. This is a 35.04 percent decrease.
Flynn said the mandated net expenses in the preliminary budget account for 62.7 percent of the tax levy, which totals $10,051,647 of the total $16,031,478 levy. She also noted the county will need fund balance available in 2016 for the dark fiber project to account for reimbursement by the state.
"The fiber project expenditures are projected to be over $2 million in 2016," Flynn said. "Because the reimbursement rate from New York State is unpredictable, fund balance has to be available for the cash flow for the fiber project to maintain fiscal stability. Adequate reserves avoid the cost of borrowing for operating expenses."

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