The Farmingdale Village Board says it expects to adopt a 2011-2012 budget with spending and tax increases of less than 3 percent at its April 25 meeting.
The budget totals $5,492,191, up 2.5 percent from this year’s $5,360,496 spending plan.
The tax rate for residences will increase 2.73 percent, from $.003046 per $1,000 of valuation to $.003129. For commercial properties, the rate will increase 2.07 percent, from $.005564 of valuation to $.005679.
Mayor George Starkie said the increases reflect decreases in revenue from the mortgage recording tax, invested reserves and parking ticket revenue. The village estimated $474,791 in parking ticket revenue for the current fiscal year, but is expecting only $410,000 next year as a result of instructing code enforcement personnel to give motorists some leeway before handing out tickets, part of an effort to encourage shopping and dining downtown.
The village also reduced its budget reserve in the proposed budget from $200,000 to $150,000, using the $50,000 to offset other budget increases, Starkie said at the budget hearing Monday night. There is no change in the number of employees.