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Home » Seneca County » Waterloo » Waterloo village board prepares for 2024-25 budget with tax cap override

Waterloo village board prepares for 2024-25 budget with tax cap override

The Waterloo Village Board initiated its 2024-25 budget planning process on Monday, starting with the unanimous approval of a local law that permits overriding the state’s 2% tax cap if necessary. This procedural step, taken during a public hearing that drew no comments from the public, aims to provide the Village with financial flexibility while crafting its upcoming budget. Village Administrator Don Northrup emphasized that exceeding the tax cap is not the goal, but the measure grants the Village leeway in managing its finances.

A budget workshop is set for March 27, with hopes to finalize a proposed budget that will be open for public scrutiny on April 8, during a scheduled hearing. The forthcoming fiscal plan could be adopted immediately after this April meeting, provided no significant concerns emerge. While major financial challenges are not anticipated, the Village awaits clarity on potential sales tax revenue from Seneca County, which could impact the budgetary outlook.

With the current village tax rate at $19.80 per $1,000 of assessed value, the board also faces decisions on water and sewer fund budgets, especially with upcoming infrastructure projects likely necessitating rate adjustments. Additionally, Waterloo has secured a $278,000 grant aimed at aiding income-eligible homeowners with water and sewer lateral repairs, further highlighting the board’s efforts to address community needs amidst budget deliberations.