BY KATHY KAHN
Stony Point’s 2018 budget may have exceeded the tax cap (4.77 percent increase in the tax levy), but there is good news for both residents and business: due to new revenues flowing in from Spectra Energy, taxpayers will see no increase in their bills next year.
The town board closed its public hearing on the budget on Tuesday, October 24, finalizing the amount it will spend in 2018 at $17.3 million, with tax rates for the public remaining “flat,” said Supervisor Jim Monaghan. The board approved a request from the Ambulance Corps to add an additional $106,000 to its budget for this year, but Supervisor Jim Monaghan urged the corps to push to sell their old building. The town will give the corps additional funds quarterly.
Stony Point has struggled with the loss of big commercial taxpayers over the past decade, forcing the town residents to pay more in taxes even as the town board cut services. The revenue from Spectra Energy, which comes in the wake of the Algonquin gas line project, is a long sought boost to the town’s bottom line.
Thanks to Senator Bill Larkin, Stony Point will also enjoy a $250,000 grant to renovate Town Hall in 2018. “We deeply appreciate Sen. Larkin’s securing $250,000 in funding to make renovations to this historic building,” said Councilman Tom Basile.
No formal date is set for work to begin. The grant will include some much-needed renovations, including roof repair.