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Tentative budget matches state cap
Cold Spring residents will see the village tax levy rise by 3.72 percent in the new fiscal year, an increase that matches the cap imposed by New York State.
Mayor Kathleen Foley and village accountant Michelle Ascolillo outlined key areas of the tentative 2026-27 budget in an April 2 email.
The mayor commented that in meeting the state tax cap, "We're mindful that everyone is stretched in this economy, and we have to be conservative in our expense and revenue predictions."
While commonly portrayed as 2 percent, the tax cap is often greater due to other factors determined by the state, including an "allowable growth factor" calculated for each municipality.
The village budget includes three major areas. The general fund is supported by the tax levy and pays for nearly all village services, from garbage, recycling and road maintenance to police and fire protection. The water and sewer systems are funded separately by flat rate and usage fees.
The tentative 2026-27 budget proposes a tax levy of $2,057,465, an increase of $73,696 over the current fiscal year.
It is estimated that the tax rate, which determines what individual owners pay in village property taxes, will be $12.65 per $1,000 of assessed value, an increase of 3.02 percent. The final rate will be set by Putnam County. The cost of water will go up by 6 percent for both usage and the flat rate. That amounts to increases of 21 cents per 1,000 gallons used and a $6 flat rate increase per quarter per unit.
The sewer rate will rise 5 percent for both usage and flat fees, resulting in increases of 11 cents per 1,000 gallons of usage and $4.50 per quarter per unit, respectively.
Foley said while the village optimizes state dollars for roadway and sidewalk repairs and upgrades, it is "an area where I wish we could make progress faster" adding, "We have a very small roadways and facilities crew and have to prioritize according to urgency and capacity."
She said including plans for village-branded wayfinding signs and improved parking signage in the budget should help with visitor management, but that the $50,000 Cold Spring receives in Putnam County sales tax sharing can only be used for infrastructure needs and "doesn't really touch" visitor-related costs.
"The costs of tourism get pushed down to the local level and that means we don't have as much [funding] available for use in other areas of village life," Foley said. "It's very challenging to balance tourism with quality of life and a locally relevant economy."
A public hearing on the tentative budget is scheduled for Wednesday (April 8). The proposed spending plan is available at coldspringny.gov and is subject to change until the end of April, when the final budget will be adopted. The new fiscal year begins June 1.
Cold Spring residents will see the village tax levy rise by 3.72 percent in the new fiscal year, an increase that matches the cap imposed by New York State.
Mayor Kathleen Foley and village accountant Michelle Ascolillo outlined key areas of the tentative 2026-27 budget in an April 2 email.
The mayor commented that in meeting the state tax cap, "We're mindful that everyone is stretched in this economy, and we have to be conservative in our expense and revenue predictions."
While commonly portrayed as 2 percent, the tax cap is often greater due to other factors determined by the state, including an "allowable growth factor" calculated for each municipality.
The village budget includes three major areas. The general fund is supported by the tax levy and pays for nearly all village services, from garbage, recycling and road maintenance to police and fire protection. The water and sewer systems are funded separately by flat rate and usage fees.
The tentative 2026-27 budget proposes a tax levy of $2,057,465, an increase of $73,696 over the current fiscal year.
It is estimated that the tax rate, which determines what individual owners pay in village property taxes, will be $12.65 per $1,000 of assessed value, an increase of 3.02 percent. The final rate will be set by Putnam County. The cost of water will go up by 6 percent for both usage and the flat rate. That amounts to increases of 21 cents per 1,000 gallons used and a $6 flat rate increase per quarter per unit.
The sewer rate will rise 5 percent for both usage and flat fees, resulting in increases of 11 cents per 1,000 gallons of usage and $4.50 per quarter per unit, respectively.
Foley said while the village optimizes state dollars for roadway and sidewalk repairs and upgrades, it is "an area where I wish we could make progress faster" adding, "We have a very small roadways and facilities crew and have to prioritize according to urgency and capacity."
She said including plans for village-branded wayfinding signs and improved parking signage in the budget should help with visitor management, but that the $50,000 Cold Spring receives in Putnam County sales tax sharing can only be used for infrastructure needs and "doesn't really touch" visitor-related costs.
"The costs of tourism get pushed down to the local level and that means we don't have as much [funding] available for use in other areas of village life," Foley said. "It's very challenging to balance tourism with quality of life and a locally relevant economy."
A public hearing on the tentative budget is scheduled for Wednesday (April 8). The proposed spending plan is available at coldspringny.gov and is subject to change until the end of April, when the final budget will be adopted. The new fiscal year begins June 1.