(WNY News Now) – Mayor Edward A. Sundquist’s 2024 Executive Budget for Jamestown keeps the tax rate steady while allocating capital funds for essential projects, with no planned use of fund balance.
Jamestown – The 2024 Executive Budget, totaling $40.15 million in appropriations, represents an increase of $1.22 million from the previous year. Revenues are expected to reach $23.77 million, a $1.39 million increase from 2023. Notably, the budget will not tap into the fund balance.
One highlight of this budget is the decision to keep the property tax rate unchanged from 2022, with a 1.29% increase in the tax levy. Despite property values and inflation rising, the City has managed to reduce the percentage available for taxation under the New York State constitutional tax limit to 78.24%, down from 99.1% less than four years ago. This reduction equates to over $3.3 million in constitutional tax margin.
Jamestown has seen growth in full property valuation, projecting a 22.1% increase in 2024. Since 2020, the city’s full property valuation has increased by 34.9%, significantly bolstering potential property tax revenue and Constitutional tax margin.
The revenue summary of the 2024 Executive Budget estimates $7.19 million in local and other miscellaneous revenues, an increase of $850,000 from the previous year. Sales tax is expected to reach $8.96 million, representing a 4.0% increase from 2022 projections. State aid per capita is set to increase, with a projected Financial Restructuring Board (FRB) reimbursement for healthcare expenses.
More information is be available at https://www.jamestownny.gov/budget/.