Auditor reviews Ogdensburg budget

OGDENSBURG — The proposed budget was scrutinized by Municipal Auditor Thomas Ferry before the Borough Council votes to adopt it on Monday, April 20, at 8 p.m.

The 2015 borough budget amount totals $2,696,181.23, down $37,567.13 from last year. While the amount to be raised by taxation is $2,147,287.00, $5,501.68 less than last year, there will not be a tax increase for Ogdensburg residents in 2015.

Ferry said that for every dollar collected, almost 36 percent goes to the local school district, 16.7 percent to Wallkill Valley Regional High School, 16 percent to county taxes, and 32 percent to municipal taxes.

Anticipated water utility revenues are $328,831, an increase of $42,831 over last year.

Water debtFerry also discussed with the council two different refinancing options for the borough's water loan in order to save money. The two scenarios are: a bond sale resulting in a lower interest rate over the current life of the loan through 2040, or a shorter term to pay the same premiums, ending in 2036 instead of 2040.

The two scenarios could save the Borough $226,000 or $291,000 respectively.

Ferry liked the shorter term for Ogdensburg because of the water utility infrastructure. This way, the borough would pay for utility equipment which had already been replaced.

Mayor Steve Ciasullo asked to see the different schedules of the premiums over the next 40 years.He said that if they could save on the water budget, then the borough could keep fixing things.

Next month, the council hopes to make a decision.

Chief Financial Officer Monica Goscicki said it would take about two months to complete the change.

Ciasullo concluded that it is the fourth year in a row that there are no increases in municipal taxes. The mayor attributes their success to a responsible council doing a lot of work; and they are very happy with the results.