Medina passes village budget with tax rate up 17 cents
MEDINA – Village Board members on Monday unanimously approved the village’s budget for 2016-17, which barely raises taxes.
The $5,045,818 budget increases spending by only $8,727 or 0.17 percent. The village will collect $2,855,336 in the tax levy, which is up only $6,728 or 0.23 percent.
Village property owners, however, will see their tax rates rise by 1.0 percent or 17 cents per $1,000 of assessed property because of the continued shrinkage of the village’s overall tax base. The tax rate will increase from $17.13 to $17.30 per $1,000 of assessed property.
The village’s tax base is down by $1,255,721 or 0.76 percent (from $166,252,163 to $164,996,442). That decline was driven by a reassessment of the Worthington Cylinders plant in Medina, which closed on July 31, 2014, putting 152 people out of work at the former Bernz-O-Matic site. The property’s assessment was reduced by more than $1.4 million from $2,397,400 to $925,700.
The village’s tax base would have been up slightly if not for the Worthington reassessment, Mayor Michael Sidari said. He sees the stabilization of neighborhood values as a good sign. Future budgets will also show tax revenue from the new Pride Pak vegetable processing plant and village may work out a contract for tax revenue for providing sewer service for the STAMP site in the Town of Alabama, in addition to sewer charges.
Sidari and village trustees on Monday praised the village department heads for working hard to contain costs in their budgets. That helped prevent a bigger tax increase for 2016-17, a fiscal year that starts June 1.
“It was a very difficult budget with the lost taxable value from Bernz-O-Matic,” said Trustee Owen Toale. “I’m very pleased with the budget. This year we’re going to find more ways to be responsible with taxpayer money.”
The budget appears to be below the tax cap, which generally allows for about a 2 percent increase in taxes. However, a complicated formula from the state sometimes means the tax cap will be less.
The Village Board unanimously voted to override the tax cap on Monday, “just to be on the safe side,” said Village Clerk-Treasurer Debbie Padoleski.