HomeMy WebLinkAbout3.16.2024 Budget WorkshopVILLAGE OF CAYUGA HEIGHTS
BUDGET WORKSHOP
FISCAL YEAR ENDING MAY31,2025
MARCH 16, 2024
AGENDA
1. Department Heads' Proposed Budgets
• Fire Department (General Fund) 9:00 a.m.
• Police Department (General Fund) 9:15 a.m.
• Administration (General Fund) 9:30 a.m.
• Public Works (General, Water, Sewer Funds) 9:45 a.m
2. ARPA Funds. Update on outstanding projects.
3. Savings Accounts 1 Special Grant Funds — Review of accounts
4. Fund Balances, as of March 1, 2024:
• A Fund (General) - $3,003,307
• F Fund (Water) - $424,296
• G Fund (Sewer) - $1,060,318.94
5. Property Taxes: Refer to FY2025 Summary Document
Definitions -
• Tax Limit — Maximum amount of real property tax that can be levied in a year. This is
a calculation based on a five year average of Taxable Assessed Value, the tax limit
percentage (2% for villages), the tax levy, and exclusions such as debt.
• Tax Cap (aka Tax Levy Limit) -this is what VCH is allowed to raise in taxes. It's the
lower of 2% or the state -set rate of inflation (1.02% for FY2024). We can override the
tax cap with a local law.
• Real Property Assessed Value (or Taxable Assessed Value) —comes from the
county. See 2023 Final Village Assessment Roll sheet. Grand total of TAV for this
budget is 528,597,042.
• Tax Levy— how much revenue we plan for in taxes
Tax Rate —the percentage that the tax levy is compared to the TAV.
6. Debt
7. Capital Projects
8. Executive Session - Salaries & Wages