The village board passed its 2010-11 budget at their meeting April 5. The tax rate will increase 2.9 percent from last year's rate to $5.83 per $1,000. For someone who's home is valued at $150,000 they can expect an increase of $24.85.
"As we went through the budget, one of the things that we were keeping an eye on is sales tax. Our sales tax revenue has been going down steadily over the last couple years. We're projecting that sales tax will be down about $36,388 below last year's numbers when we wrap up this budget year," said Mayor Thomas Dougherty.
The total spending increased $55,843 from last year to $2,131,776.80, a 2.7 percent increase. Mayor Dougherty attributed some of the increase to increased insurance and retirement costs, though credited Trustee Richard Huftalen for his work finding a less expensive insurance plan.
"Even though it is an increase, it's quite a bit less had we not changed our insurance plan," Dougherty said. "Otherwise we'd be looking at at least double that."
The mayor said that sales tax is an important part of the village's revenue stream, and that residents should be encouraged to shop within Madison County.