The Village of New Hyde Park adopted its 2014-15 operating budget Tuesday, April 14. The new budget totals $6 million. Last year’s budget topped off at $5.8 million.
The adopted budget holds a final tax levy of $4.135 million, a 1.65 percent increase from last year. It’s estimated that residents will need to pay an additional $18 per year in village taxes.
“The revenues collected from the taxes are going up, not much,” Mayor Robert Lofaro said. “Can we [be below the cap] next year? We have some challenges ahead of us. We’ll see.”
Medical, dental, vision expenses are projected to be $811,998, which is an increase of $123,356 from last year. Some employees are now required to contribute between 10 and 20 percent towards those expenses.
New York State required expenses are projected at $397,196, an increase of $9,581 from 2013-14; workers compensation insurance expenses at $146,528, a decrease of $3,431 from last year.
Village property assessments were set at $19,730,367, which has increased $37,874 from last year. “Other revenue” projected in the budget is $1,878,181.71, representing an $86,226.43 increase from 2013-14 or 4.81 percent.
