FOR IMMEDIATE RELEASE: October 1, 2018
MEDIA CONTACTS: Carole Trottere, Rebecca Cheng, Vicki DiStefano and Matt Leonenko | (516) 869-7794
Supervisor Bosworth Presents Tentative 2019 Budget Plan
Town’s spending plan once again stays within State tax cap
North Hempstead, NY –North Hempstead Town Supervisor Judi Bosworth submitted to the Town Board and the Town Clerk her tentative budget for 2019, a plan that continues to demonstrate her conservative fiscal management.
The 2019 Tentative Budget stays within the New York State tax cap and will include no cuts to services for residents. Supervisor Bosworth and the Town Board have committed that the final budget will be voted on November 1, prior to Election Day. The tentative budget supports the Town’s focus on investing in our Parks and Roads infrastructure to ensure the highest quality resident experience at Town facilities. The General Fund tax levy will increase by 2.16% with additional focus placed on facility enhancements. The Town Outside Village Fund will increase by 3.18%, reflecting increased resources devoted to the Highways Division for road improvements and snow equipment preparedness.
The Town’s 2019 budget includes: $68.6 million in the General Fund, $37 million for the Town Outside Village (TOV) Fund, and $27.7 million for the 20 Town–operated special districts.
“This budget reflects the collective effort of our Commissioners, and department heads as well as our Finance team who crafted a budget that once again will stay under the tax cap,” said Supervisor Bosworth. “The Town has received a Aaa bond rating, just reaffirmed this month, because of our conservative and careful guardianship of taxpayer funds. The new budget continues to hold the line on spending and I commend our Commissioners for working with our dedicated Finance team to make this budget happen. I am committed to responsibly providing Town residents with the services they deserve.”
In September 2018, the Town’s Aaa was reaffirmed by Moody’s with a stable outlook. The Town is benefiting from lower interest rates on borrowing due to the Aaa rating, which is the highest in the Town’s recent history and the highest a municipality can obtain.
“With these positive ratings the Town is able to get lower interest rates on bonds which will ultimately result in savings for taxpayers,” said the Supervisor of the Moody’s rating.
Budget hearings will be held October 11 at 7 p.m. and October 25 at 7 p.m. and are open to the public. The Board will hold a work session on October 3 at 10 a.m. A vote on the budget by the Town Board will also take place at a meeting on November 1 at 7 p.m., prior to Election Day.