Village of Great Neck adopts $12.1 million budget for 2022-23 fiscal year

Village of Great Neck adopts $12.1 million budget for 2022-23 fiscal year
The Village of Great Neck adopted a $12.1 million budget for 2022-23 on Tuesday. (Photo from the Island 360 archives)

The Village of Great Neck Board of Trustees unanimously adopted a $12.1 million budget for the 2022-23 fiscal year on Tuesday night.

The budget increased by 4.2 percent compared with the village’s $11.6 million budget for the 2021-22 fiscal year.

Homestead properties, which are classified as homes with three units or less, will be taxed at 2.37 per $1,000 of assessed value, decreasing by almost 7.4 percent from the 2021-22 budget. Non-homestead properties, which are mainly commercial buildings and places with five or more residential units, will also see a slight decrease in the tax rate from 3.99 per $1,000 of assessed value to 3.82.

The village’s overall tax levy grew from $7.3 million in the 2021-22 budget to $7.4 million in the 2022-23 one. Village Clerk-Treasurer Abraham Cohan said the 2 percent increase in the levy comes as assessed values for homestead properties are rising more than those on non-homestead properties.

Cohan said an average house’s tax bill in the village would increase by roughly $43 per year, despite the overall increase in the levy. 

Revenue from property taxes makes up more than 61 percent, or $7.45 million, of the village’s budget, with appropriated reserves making up nearly 24 percent, or $2.88 million. 

Some of the major increases in the budget, Cohan said, come from four categories under the appropriated funds. Cohan said the village’s debt service increased by $270,000, the contract the village has for fire services and hydrant rental increased by $110,000 to $1.44 million, the village payroll has increased by $53,000 and the village’s insurance has increased by $46,000 for a total of $236,000.

Those four items alone, Cohan said, result in a $479,000 increase from the previous  budget, making up nearly 98 percent of the overall increase from the 2021-22 budget to the 2022-23 one. Cohan said revenues for the village increased by $17,000, or roughly 1 percent, from the 2021-22 budget.

The village has also budgeted just shy of $1.95 million for public safety, which includes traffic control, fire protection and safety inspection. The public safety costs increased by nearly $100,000 from last year, according to the budget.

The transportation budget, which goes toward items like snow removal and street administration and maintenance, is increasing by nearly $30,000 from more than $1.27 million in 2021-22 to $1.3 million.

The board unanimously adopted the budget aside from Trustee Eli Kashi, who was not present. 

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