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At the April 26th special meeting of the Village Board, the Village Board unanimously approved revisions to the proposed budget.
The revised property tax rate is $5.75 per thousand. This is an increase of $0.60 per thousand over last year (11.65% increase). This is a $0.69 per thousand reduction from the tentative budget that was released on March 15, 2004. This was accomplished through our many budget sessions that the Village Board conducted. The increase is attributable to a $37,891 increase in the Village's NYS Retirement obligation, a $32,000 obligation to fund the Akron Fire Company Length of Service Award Program (LOSAP) and a $13,500 increase to the Village of Akron's health insurance cost.
The Village has been able to hold the current water rates the same as last year. The Village water rate remains $4.75/1000; industrial easement customers $3.75/1000; residential easement customers 1 ¼ times the Village rate to $5.95/1000; outside Village customer's $7.50/1000. These rates will be analyzed on a quarterly basis and adjusted as needed.
The sewer rate remains $3.15 per thousand. The Village has appropriated and additional $25,000 of fund balance to address some of the problem areas in the sewer collection system.