Dear Honorable Supervisor Greenstein, Deputy Supervisor Katz and members of the Town Board:
It is my pleasure to present the 2016 tentative budget for your consideration. Once again, Comptroller Rob Deary has crafted a budget that balances the provision of essential municipal services with fiscal responsibility. Once again, New Castle will stay within the 2% tax cap – for the fifth straight year. This budget not only continues this Board’s commitment to critical infrastructure projects which in the past suffered due to years of neglect during the recession, but allows the Town to strengthen its financial stature by maintaining fund balance, critical to maintaining its Aaa bond rating.
This budget proposes .87 % increase in the tax rate which translates into a $27 annual increase for the average homeowner. However, the average homeowner will only see a $21 increase to $3,651, when factoring in special districts including refuse, water fire and ambulance. The average home value in New Castle has a market value of $888,330 and an assessed value of $171,803. Under the 2% tax cap legislation, the Town of New Castle could have raised the tax levy by almost $600,000: $285,596 under the .73% annual tax cap and an additional $308,840 in rollover funds, funds that we could have used last year, but did not. However, this budget reflects an increase of just $92,052 to our tax levy, a mere .46%, while increasing critical infrastructure expenditures but still holding fees for services at the last year’s levels.[To read the entire Budget Message, please click this link : 2016 Budget Message