BROADALBIN - Officials started working on the village's 2014-15 budget Tuesday night.
According to Village Clerk Sheila Bleyl, the budget is only in the draft stages and is far from complete, with future changes expected down the line.
According to Bleyl, the amount raised by taxes for the 2013-14 budget was $210,000, which was factored into the draft budget. Bleyl said the budget would require the use of $158,000 from fund balance to keep the tax levy the same. According to Bleyl, she expects a total fund balance of $269,000, meaning the budget would use up 60 percent of the fund balance.
"That is with all the new numbers I've worked in," Bleyl said.
Bleyl said the village's tax levy is capped is roughly $364,000.
However, the village's two tax rates - one for residents in the town of Broadalbin and another for residents in the town of Mayfield - will decrease.
Last year, Bleyl said village residents in the town of Broadalbin would see their tax rate go from $3.91 per $1,000 of assessed property value to $3.89 per $1,000, a 0.3 percent decrease. Village residents in the town of Mayfield will see a larger drop in their tax rate. The rate went from $4.95 per $1,000 of assessed property value to $4.71 per $1,000, which is about a 4.3 percent decrease.
The tax rates for the current budget were unavailable Tuesday night, but Bleyl said the total value of assessed property had increased from $53.7 million to $54.5 million. According to Bleyl, the numbers do not include recent annexations.
"So, there would be a little bit more in Mayfield and a little bit more in Broadalbin," Bleyl said.
In April 2013, the village passed the 2013-14 $1.08 million budget and its $210,000 total tax levy.