Revenue from building permits, which has generated more than $300,000 year-to-date, also went up from the proposed budget, with the approved budget predicting $235,000 from this source. The budget relies on about $10.5 million in sales tax revenue, a $50,000 increase from the proposed budget, but still a modest and attainable growth, according to Madigan. About 90 percent of the budget’s spending goes toward mandated expenses, essential services and equipment purchases. To help contain costs in the budget, Madigan imposed spending cuts in discretionary spending for each department - which is about all that could be cut. She felt the approved budget, which strengthened reserve funds, left the city in a position where it wouldn’t be caught by surprise. One of the major concerns of Madigan while crafting the budget was the looming city employee contracts that could end up spiking expenses next year, based on a $500,000 cost increase this year when two contracts were settled.
The impact of the tax increase is about $16 extra a year on a house assessed at $350,000, Madigan said on Monday night. General fund spending in the approved budget is $40.44 million, an increase of more than half a million dollars from this year.
1 by Saratoga Springs Finance Commissioner Michele Madigan.
There weren’t many changes to the budget proposed on Oct. The Saratoga Springs City Council waxed nostalgically about a zero percent tax increase on Monday night before approving a budget for next year with an average rate increase of 0.76 percent.
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