continued “We are realizing some of the health care savings. We are realizing some savings from the retirements,” town Bookkeeper Lisa Boehlke said. “We have not seen a high use of Highway Department overtime.”
Dolin said the town also “under estimated” sales tax revenue for this year, which helped bolster the fund balance.
Sales tax revenue, which Albany County distributes through a formula, collected in 2012 totaled $1.8 million, and this year the town is estimated to collect just a few tens of thousands less. For 2014, the tentative budget includes $1.8 million in sales tax revenue.
In New Scotland, homeowners bear 95 percent of the tax burden, with commercial or industrial users picking up the rest.
There is approximately $794 million of assessed residential property in the town and there is more assessed value of vacant land ($39.4 million) than there is of commercial ($33.4 million). The town’s taxable value of land totals $885 million between 4,161 parcels.
Dolin added outside of maintaining the community’s character and quality of life, there are benefits to drawing funds primarily from residential taxpayers.
“We don’t have all of the service requirements that a heavy commercial, retail district would require,” Dolin said. “We don’t have a police force, which if we got heavy into retail we would probably have to provide some kind of police protection.”
The Albany County Sheriff’s Department provides police coverage for the town.
To view New Scotland’s 2014 Tentative Budget, check out our blog post or visit the town’s website at www.townofnewscotland.com.