The Sag Harbor Village Board of Trustees holds a public hearing on its proposed 2012-2013 budget on Friday at 4 p.m.
The budget is for $8,056,311 in the general fund, which is a 2.78 percent increase in cost over the 2011-2012 budget. In addition to paring down the budget over the last two months, the village board of trustees had also chosen to use $30,000 of the $2.1 million in its reserve to offset an increase in taxes. With a projected 1.4 percent increase in the tax levy, the amount of money the village needs to raise through property taxes to fund the budget, the village has not exceeded a state-mandated two-percent property tax cap.
Based on assessed values of homes in Sag Harbor Village, the general fund budget will result in a tax increase of one percent. For a home in the village with an estimated value of $795,000, this would result in a tax bill of $2,175.80, a $21.55 increase over a tax bill received in 2011-2012.
The village’s sewer fund budget has remained the same as last year, reported Trustee Robby Stein, who is the board’s liaison to the wastewater treatment plant. That budget is for $506,224, with just $20,588 available to offset the cost placed on users within the sewer district. However, because of a higher consumption level for the water use portion of the sewer payments the rate charged per unit will decrease from $5.38 to $5.29 in 2012-2013, said Mayor Brian Gilbride. That could translate into $234 in annual savings for some of the highest users in the sewer district, he said, with restaurants expected to save about $70 annually and a single family home saving about $24.