LAKEWOOD — Village residents could see a lower tax rate if the proposed budget is approved.
Lakewood Mayor Randy Holcomb has submitted a draft budget proposal to the village council that shows a decrease in the tax rate of 7.1 cents per $1,000 of assessed property value. Total appropriations for the 2022-23 draft budget are $4,129,849, which includes $1,951,610 in estimated revenue, $200,000 in allocated sales tax surplus, $20,000 in reserve funds and $1,998 $239 in tax.
Holcomb said the lower tax rate was made possible by increased sales tax revenue over the past year.
“It shows that we are really using it to the benefit of everyone and not just one group or one department,” he said. “The whole village will be able to benefit from it with the reduced tax rate.”
Likewise, the village will use $146,484 of American Rescue Plan Act funds for the village’s Department of Public Works to purchase an international dump truck with plow assembly.
“As we enter financial planning for this year, hoping that COVID and its effects are behind us, I believe that this draft budget takes into consideration all requests from the department, while allocating resources to a variety of priorities and of village programs to ensure Lakewood’s quality of life. and security,” said Holcomb. “This financial roadmap is presented taking into account the needs of each service while respecting the expertise of the head of service in his budget requests. The past two years have been very different and have changed rapidly, especially with the existence of the American Rescue Plan Act. ARPA funds offer municipalities with shrinking budgets and shrinking fund balances an opportunity we are unlikely to see again.
Holcomb said the village had been affected by the pandemic, but noted that they were “well situated to weather the storms of unforeseen challenges ahead.”
“Proudly we continue to provide the essential services that our residents rely on,” he said. “I am grateful for the dedicated work of each department and the board of our great village,” he said. “I commend the citizens involved in the grants process for their tireless work and expertise, especially on major projects such as the reconstruction of the Lakewood Playground, the revitalization of the Anthony C. Caprino Building, and… the environmental project Grandview.”
Holcomb thanked city workers, including village treasurer Apryl Troutman, for their guidance and assistance throughout the process.
“It’s the people of Lakewood who make Lakewood great,” he added. “I look forward to seeing the exciting future of the Village of Lakewood.”
Holcomb said the village council will now begin work on finalizing the budget, and a public hearing into the spending plan is scheduled for April 11 at 6:45 p.m. during the regular council meeting.