LAKEWOOD - The Lakewood Village Board has approved overriding the state's 2 percent tax levy cap even though the proposed budget will only increase taxes 1.3 percent.
The board recently approved the override as a precautionary measure. If there was mistake in the proposed 2013-14 budget and the tax levy increase would be higher than 2 percent, the village could face sanctions from the state. However, because the board passed the override measure, the state cannot penalize the village.
A public hearing on the proposed budget will be held at 6:45 p.m. Monday. Earlier this month, David Wordelmann, Lakewood mayor, released the tentative budget.
The proposed spending plan includes a tax rate of $7.53, an increase of 23 cents per $1,000 of assessed property value. The proposed tax levy is $1,705,355, which is an increase of $22,397. Total spending is $3,243,205, an increase of $100,989. According to Wordelmann, the increase is due to rising pension and workmen's compensation costs, health insurance premiums and police and fire department expenses.
The tentative budget doesn't include increases in elected officials' salaries. Full-time employees will receive their contracted 3 percent increase in pay, and part-time workers are up for review.
The village's fiscal year is June 1 to May 31.
Proposed tax rate: $7.53
An increase of 23 cents per $1,000 of assessed valuation
Proposed tax levy: $1,705,355
An increase of $22, 397
Total spending: $3,243,205