No Tax Levy increase for Town’s General Fund as 2018 spending plan stays within State tax cap

North Hempstead, NY – North Hempstead Town Supervisor Judi Bosworth submitted to the Town Board and the Town Clerk her tentative budget for 2018, a plan that continues to demonstrate her conservative fiscal management. The tentative budget does not increase the Town’s General Fund tax levy and includes a reduction in expenditures in the General Fund. It calls for a modest increase of 1.84% in the Town Outside Village Fund, reflecting increased resources devoted to the Building Department and Highways Division. The 2018 Tentative Budget stays within the New York State tax cap and will include no cuts to services for residents. Supervisor Bosworth and the Town Board have committed that the final budget will be voted on November 1, prior to Election Day.
The Town’s 2018 budget includes a $66.9 million General Fund, a $36.4 million Town Outside Village (TOV) Fund, and $26.3 million for the 20 Town–operated special districts.
“This budget reflects the collective effort of our Commissioners, and department heads as well as our Finance team who crafted a budget that stayed under the tax cap,” said Supervisor Bosworth. “The Town has received a Aaa bond rating, just reaffirmed this month, because of our conservative and careful guardianship of taxpayer funds. The new budget continues to hold the line on spending and I commend our Commissioners for working with the dedicated Finance team to make this budget happen. I am committed to responsibly providing Town residents with the services they deserve.”
In September 2017, the Town’s Aaa was reaffirmed by Moody’s with a stable outlook. The Town is benefiting from lower interest rates on borrowing due to the Aaa rating, which is the highest in the Town’s recent history and the highest a municipality can obtain.
“With these positive ratings the Town is able to get lower interest rates on bonds which will ultimately result in savings for taxpayers,” said the Supervisor of the Moody’s rating.
Budget hearings will be held October 16 and October 24 at 7 p.m. and are open to the public. A work session with the board will be held on October 11 at 10 a.m. A vote on the budget by the Town Board will also take place at a meeting on November 1, prior to Election Day.