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Hempstead Village budget OKed by state
Revenue and expenditure projections in Hempstead Village’s 2013-14 budget are reasonable and the budget complies with the state property tax levy limit, according to a state comptroller’s audit released Wednesday.
The village board approved the $72.88 million budget Monday in a 3-2 vote. The spending plan calls for a tax levy increase of 3.41 percent, just below the village’s state tax cap figure.
The largest item in the budget is nearly $24.8 million for public safety. The village estimates obtaining $57.06 million from taxes and $13.72 million from revenue other than real estate taxes, along with $2.1 million from reserves.
The comptroller also found village officials appropriately monitored revenues and expenditures in the water fund to ensure the continued improvement of the fund’s financial condition, as recommended in last year’s budget review.
State law requires Hempstead to submit its proposed budget to the comptroller each year because it issued debt totaling $4.2 million to liquidate the accumulated deficit in the village’s general and water funds in 2005.