Village of Lake Success pierces tax cap with $17.9M budget

Village of Lake Success trustees unanimously passed a $17.9 million budget Monday evening, approving a plan for 2016-17 that will pierce the state tax cap of 0.12 percent, officials said.

The amount marks a 5 percent increase from last year’s $16.98 million budget, and is a composite that includes a $14.4 million general fund, $2.8 million golf fund, and $782,780 sewer fund. The golf and sewer funds are self-sustaining entities that do not affect the tax levy, trustee and finance chairman Adam Hoffman said.

The tax levy is rising $300,000 across the village, and the tax rate for residents is increasing from 4.6 to 4.7 per $1,000 of assessed value.

The police department, with $4.5 million allotted, accounts for more than 30 percent of the general fund appropriations.

Though there was talk of combining the golf and general funds, the trustees ultimately decided against the merger, due to resident pushback and an increase in golf memberships, Hoffman said.

The village’s fiscal year runs from June 1, 2016, to May 31, 2017.