The cost for the Fire House and Municipal Complex project is estimated to be $18,200,000. As noted in the Project Financing, the average annual cost for the average taxpayer is $765 or $19,131 over the 25 year life of the bond. However, there are opportunities that would reduce the size of borrowing and, thus, reduce the direct impact on village taxpayers.
For example, the Village Board could appropriate excess fund balance on hand. During the public meetings in June and July 2023, there were discussions about appropriating up to $3.5 million of available fund balance to reduce the size of the borrowing. Doing so would still leave an adequately-sized fund balance according to NYS Comptroller guidelines. If $3.5 million of available fund balance were to be appropriated, the average annual cost for the average taxpayer would be reduced to $615 or $15,376 over the 25 year life of the bond.
In addition, the Village has a strong record of receiving grant funding. The project has numerous elements that are fundable by outside agencies. Of course, none of those grant funds are guaranteed, but if received, could also reduce the size of the borrowing. For every $1 million of outside funding that is obtained, there would be a reduction in the average annual cost for the average taxpayer of approximately $40 or $1,000 over the 25 year life of the bond.