Tax Levy to Increase by 1.5%; Tax Rates to Increase by 8.8%
By John T. Ryan
Peru’s Town leaders have managed to limit the town’s 2014 tax levy increase to 1.5%; nevertheless, there will be an 8.8% tax rate increase in both Town General and Town Highway taxes. The General Fund Tax Rate will increase from $1.93 to $2.10 per thousand while the Highway Fund Tax Rate will increase from $2.37 to $2.58. A home with a taxable value of $150,000 will see an increase from $645 to $702 or $57.
General Fund spending is budgeted to increase by $11,555 to $808,305 while Highway Fund spending will increase by $14,611 to $992,043. The Town’s total budget including general, highway, water and sewer services totals $4,093,069. Salaries will increase by 1.66%, coinciding with the New York State tax cap limit.
Town Supervisor Peter Glushko explained that declining assessed values and a declining fund balance are the primary reasons for the tax increases. Since 2011, the Town’s total assessed value has declined by over $2.3 million. Glushko did note that twenty newly constructed housing units should be on the tax rolls next year. The Town projects that it will enter 2014 with an Unappropriated Fund Balance of $389,493, down from $568,308 in 2012.
Tax exemptions also play a role in tax rates, deceasing taxable property value by 13.07% or $62,064,185. When a person, institution or business receives an exemption, another party assumes the cost.
The Town Council has controlled health insurance costs over the past several years; they will decline by $2,000 in 2014. Still, the Town’s 2014 total health insurance costs total $252,850. Retirement costs have exploded, increasing 78% since 2011; $210,672 has been budgeted for 2014.
Residents in the Peru Water District will see a minor tax decrease with the tax rate falling from $3.10 per thousand to $3.03. The Water Budget totals $824,019 including $425,064 in debt service.
The Peru Gazette summarized the Town of Peru’s 2014 budget by consolidating major accounts. The abbreviation “P.S.” refers to personnel services.
Click Here to Review Detailed Budget
Posted: November 16th, 2013 under General News, Northern NY News, Peru/Regional History, Town Board News.