Town officials are saying that over the past week, they’ve filled a $1.6 million budget hole and solved the budget crisis, though filling that gap will rely heavily on one-time revenue sources that may or may not materialize.
The potential additional revenue means the budget Supervisor Sean Walter will release Tuesday is likely to include a 1.39 percent decrease in spending; along with a 2.08 percent increase in the tax levy and a 2.09 percent increase in the tax rate. (more…)
Town Board members Jim Wooten and John Dunleavy, left, and Supervisor Sean Walter at Wednesday night’s Town Board meeting. (Credit: Barbaraellen Koch)
The town won’t be taking out a $6 million line of credit to cover a $4 million structural hole in its general fund budget next year, nor will it be piercing a state-mandated tax cap to help plug the hole — meaning, cuts are on the way.
After a split Town Board tabled a measure in mid-August which would have permitted the town to borrow against future land sales at Enterprise Park at Calverton, Councilman Jim Wooten — the deciding vote on the bridge loan — said on Wednesday that the move doesn’t have his support, and voted against the measure at tonight’s meeting. (more…)
Supervisor Sean Walter and Councilwoman Jodi Giglio at Tuesday night’s Town Board meeting. (Credit: Paul Squire)
The Riverhead Town Board’s anticipated vote on authorizing a $6 million, two-year bridge loan to stave off a double-digit tax increase next year was put on hold Tuesday, because four board members are split on the issue and the fifth was absent from the meeting.
Supervisor Sean Walter said that without the loan, the town will face a 12.5 percent tax increase next year and that cutting $4 million — the amount of the town’s general fund deficit — would involve eliminating about 60 town positions. (more…)
Riverhead Town Board members at an April meeting. (Credit: Barbaraellen Koch)
Facing a $4 million deficit in next year’s budget, the Town Board will consider on Tuesday a pair of bills to keep its options open: whether or not to authorize a $6 million bridge loan to help plug the hole, and whether or not to pierce New York State’s 2 percent tax cap next year.
Those were two options out of three presented by Supervisor Sean Walter recently as solutions to close next year’s deficit.
Councilman John Dunleavy (left) and Sean Walter at a previous work session. (Credit: Barbaraellen Koch, file)
Riverhead Town is facing a $4 million deficit and a potential 12.5 percent tax increase, even if its spending stays at current levels next year, according to Supervisor Sean Walter.
It can either cut spending by $4 million, which he says would require the town to cut about 60 jobs, or it could increase taxes by 12.5 percent, which would require the town to pierce the state’s two-percent tax cap. (more…)