Written by Daniel Offner, email@example.com Wednesday, 27 August 2014 10:10
Oyster Bay Town officials are mulling an override of the state’s 2 percent property tax cap for the second consecutive fiscal year. On Aug. 12, the town held a hearing to approve local legislation, giving the Town Council authority to pierce the cap.
However, according to Marta Kane, a spokesperson with the Town of Oyster Bay, Supervisor John Venditto and the members of the Oyster Bay Town Council are not certain if they will entertain a repeat of last year, when the board adopted a $277 million budget, increasing the tax levy by $15,964,647 — or 8.8 percent.
“It’s really too early in the budget process to tell,” Kane said.
According to Kane, it is not uncommon for a municipality to authorize breaching the tax levy cap, before presenting a preliminary budget.
“If necessary, we have this tool available,” Kane explained. “It allows [the town] to override the cap, if need be.”
Should the town look to approve a budget exceeding the two percent threshold, the board would need five out of seven votes to approve a tax levy override.
Kane adds that the town’s department heads are currently reviewing the preliminary figures, going line-by-line to remove any unnecessary expenditures, before the town presents its preliminary budget, on Sept. 30.