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Locust Valley review: tax cap, reserves and proposed capital withdrawals to fund library and cafeteria
Summary
District finance staff reviewed the property tax cap calculation, the district's reserves and fund balance, and a proposed capital-reserve withdrawal to fund next-generation library and cafeteria projects that trustees said would not raise taxes.
District finance staff presented the Board of Education with an overview of the tax-cap calculation, the district’s fund balance and reserves, and budget planning for 2025–26.
Karen Wojzewski, presenting what the board characterized as the budget presentation, explained that the district budgets 182 days (New York State requires 180) and builds two snow days into the calendar. She reviewed components of the state property tax-cap calculation—prior-year levy, tax-base growth factor, consumer price index and allowable…
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