CHAZY — The loss of tax revenue from the former Pfizer plant likely means the Town of Chazy will have to override the 2 percent cap for the 2013 budget.
The Town Council will hold a series of public hearings at 7 p.m. today at the Town Hall on Route 9, including one on the override, another on the proposed spending plan and a third on changes to the Zoning Law.
Chazy Town Supervisor Staub Spiegel said the tax-levy increase would be $920,132, 5.4 percent more than this year’s $883,872 for the general and highway funds.
The main reason is the loss of $52,953 in property taxes from the Pfizer facility, due to a tax-abatement agreement with that helped the County of Clinton Industrial Development Agency acquire the property through formation of a limited liability corporation.
That allowed the property to be marketed for an additional two years.
“If you take the Pfizer situation out of here, we’d be in good shape,” Spiegel said of the tentative budget.
Were Pfizer to pay taxes on the property, the levy would have only increased 1.67 percent, he said.
General-fund appropriations are expected to be $702,322, down from $1.045 million this year. Projected revenues are $248,548, which, combined with use of some fund balance leaves $343,774 to be raised by taxes.
Highway fund appropriations are expected to be $989,595, up from $991,827 in 2012. Revenues of about $255,220 will get some help from the fund balance, but that leaves a tax levy of $559,375.
Spiegel said the initial budget considered by the council would have increased the levy by more than 14 percent. They worked hard to reduce the increase to its current level, he said.
There has been misinformation spread around town, he said, about the proposed budget.
The supervisor said a constituent had requested a copy of the draft document after the most-recent budget meeting but was told it would be best for him to pick it up the next day, as some new figures had to be added in.