Friday, April 19, 2024 | St. Lawrence County, NY
St. Lawrence County officials say the county’s five-year plan should provide financial stability. Key points of the county’s five-year plan for financial stability follow: • Raise St. Lawrence …
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St. Lawrence County officials say the county’s five-year plan should provide financial stability.
Key points of the county’s five-year plan for financial stability follow:
• Raise St. Lawrence County sales tax by one percent.
• Provide upfront tax relief by using new sales tax revenues to reduce property taxes by 14 percent
• Cap department budgets at two percent and ensure the county budget maintains stable growth.
• Establish a capital fund to pay for renovations, repairs and equipment purchases to offset unforeseen expenses.
• Use additional revenues and savings to build back fund balance from the current $6.5 million to at least $10 million in the next five years.
• Building fund balance will reduce the county's need to borrow money. This could lead to an annual savings of more than $200,000 currently paid out in interest.
• Update plan every year to ensure the county is always looking five years ahead.
