2023 Dutchess County Budget to Include Lowest Tax Levy in 14 Years
As of last night, Thursday December 8th, 2022, the 2023 Dutchess County Budget has been adopted. The $587.7 million spending plan cuts taxes for residents with a 12% tax rate rate decrease and the lowest tax levy in 14 years. The 2023 Budget plans on still supporting and enhancing services many Dutchess residents rely upon, including the elderly, veterans, those with mental health and substance use disorder issues, and children and families.
County Executive Marc Molinaro presented his 2023 Executive Budget Address back on Tuesday, November 1, 2022.
Looking at the numbers, this budget marks the 9th consecutive tax cut. The total County property tax levy for 2023 is $99,450,000, which is the lowest in 14 years.
The 2023 tax rate, which is calculated by dividing the property tax levy by full value assessments will decrease from $2.86 to $2.50 per $1,000 of true value assessments as a result of the tax levy reduction, as well as continued growth in true value assessments. For reference, back in 2015, that number was as high as $3.68 per $1,000.
The County's tax base has grown to nearly $40 billion thanks to continued focus on economic development and job growth.
Total 2023 appropriations equal $560,369,932 compared to 2022 modified budget (actual spending) of $601 million. The County's 2022 spending was notably higher due to paying down debt and working to avoid future indebtedness by utilizing fund balance. Paying off debt created $1.6 million in interest savings, and avoided about $10 million in future interest payments based on expected rates by paying for several capital projects upfront rather than bonding them.
Building and maintaining a healthy fund balance has been an ongoing priority of the Molinaro administration. The 2023 budget plan allocates
- $3.5 million of unassigned general fund balance
- $1.5 million is allocated from the D & E fund
- $2 million is allocated from the ET Public Transit Fund
- $3 million is allocated from a restricted reserve fund for debt repayment, which will offset debt.
Maintaining a strong fund balance is critical for being able to address economic downturns or unexpected events.
Several key areas that the 2023 Executive Budget focuses on are:
- Creating A Safer Community
- Serving Families - Youth, Veterans, and Seniors
- The ThinkDIFFERENTLY Program
Multiple Opportunities to Learn More
Click here for the full 2023 Dutchess County Proposed Budget.
Dutchess County is offering Town Hall Forums and Legislature Public Hearings.