Cold Spring trustees present $5.59 million tentative FY27 budget, cite 3.7% allowable levy

Trustees of the Village of Cold Spring presented the tentative fiscal year 2027 budget on April 8, proposing a combined budget of $5,594,246 and noting the proposed levy increase remains within New York State's tax-cap formula. The board said the budget process will continue through public comment and must be adopted by May 1 under state rules.

The presentation stressed several FY26 accomplishments, including FEMA disaster recovery projects, repairs to a major stormwater culvert on Fair Street, pavement and sidewalk repairs, ADA ramp installations and pedestrian-safety upgrades at three intersections. "The 2% tax cap is right there ... but because of the formula, we're allowed to go up to 3.7 according to New York State," said Michelle Escalo, the village accountant. Trustees emphasized prioritizing capital projects while staying within the allowable levy.

Trustees broke the budget into three funds: the general fund, the water fund and the wastewater fund. They said 54% of general-fund revenues come from property taxes, with state aid and interfund transfers each at about 11%. The board flagged visitor-management costs as a continuing pressure and discussed potential new revenue options including expanded metered parking, short-term rental occupancy tax and renegotiating property leases.