Office of the Mayor
Village of Sleepy Hollow
March 21, 2014
To all Sleepy Hollow Residents:
Attached please find the Mayor’s Tentative Budget, which serves as our public, working draft of the Village’s budget for fiscal year 2014-15. As you will see, the draft proposed tax increase is 10.86% for single family homes. The Board and I will be working hard over the next few weeks to sharpen this budget as we look to reduce the final impact on Village tax payers.
We’ve been very successful over the past few years in keeping a tight rein on expenses. However, at the same time we’ve seen a drop in our assessables. The largest part of the Village’s revenue is from Village taxes – over three quarters of our annual revenue – and those taxes are based on the assessed value of local real estate. The Village – like the rest of our area – has seen home values decline in recent years, a reflection of the overall decline in the market. As our tax base has lessened, the burdens of even modest increases are more strongly felt. While we expect the GM and other significant projects to be underway in the very near future, it would not be fiscally responsible to count on large new revenue from them in the coming fiscal year.
I look forward to your input on the budget, especially in person at our meetings at Village Hall on Tuesday evenings, as we work to finalize the budget by the end of April. Please note that in order for the Village Board to substantially reduce this tentative budget, it will mean a cut in certain services, which is why it’s important that you share your opinion.