CAPE VINCENT The village property tax rate will climb from $8.39 to $8.55 per $1,000 of assessed value to cover increased expenses, according to the 2014-15 budget approved Tuesday by the Board of Trustees.
The tax hike comes as the village plans to spend $11,000 to renovate the boat launch ramp at East End Park and needs more revenue to cover the increasing cost of health care and state retirement plans. Peformance-based salary raises of up to 3 percent for the villages five full-time employees also were approved.
Total spending for all funds will jump by 15 percent, or $236,710, from $1,528,585 to $1,765,295, under the plan. The levy, or amount to be raised by taxes, will jump by 54 percent, or $174,944, from $321,581 to $496,525.
The village also will increase funding for the Cape Vincent Joint Community Development Committee, which is responsible for leading economic development projects in the village and town. Funding will increase by 29 percent, or $7,600, from $26,000 to $33,600. That increased amount, coupled with an increased allocation from the town, will be used by the committee to hire an economic development planner, according to Village Clerk Mary E. Rupp.
Funding for the villages state retirement plan, which provides coverage for nine employees, will increase by 15 percent, or $8,500, from $58,000 to $65,000.
The cost of health care coverage, which provides benefits for four active and three retired employees, will climb by 21 percent, or $13,400, from $63,500 to $76,900.
Mayor Timothy D. Maloney did not respond Tuesday to calls seeking comment.