HYDE PARK – The $11.5 million preliminary Hyde Park town budget for 2023, developed by Town Supervisor Al Torreggiani, has a spending increase of 2.23 percent.
Revenue from taxes for the budget is $6.9 million, which is under the tax cap levy limit of $7.01 million. The preliminary budget has a tax rate for homeowners of $7.24 per $1,000 of assessment, resulting in a $0.05 tax increase per each $1,000 of assessed value.
In releasing his proposed spending plan, Torreggiani addressed the challenges encountered in developing his first budget as town supervisor. The key factors, according to Torreggiani, were an unexpected eight percent increase in health insurance for employees, coupled with “a substantial increase in utility costs and vehicle fuel costs” along with increased costs for materials and services driven by what he calls “runaway inflation”.
Public input on the 2023 preliminary budget is welcomed, according to Supervisor Torreggiani. The public can comment on the spending plan up until November 1, 2023, when the town board is expected to adopt the budget at its 6:00 p.m. meeting.
