SALAMANCA – Despite the influx of casino revenues into the city, residents of Salamanca will see a modest increase in taxes for the coming year, should the budget pass after a public hearing next week.
The budget for the fiscal year of April 1 to March 31, 2015 calls for a total of $7,665,575 to operate the city, according to Mayor Carmen Vecchiarella. Local revenues from bed tax, sales tax and other fees are expected to be just shy of $3 million, at $2,941,706. State aid will total $3,495,176 and the city is expected to use $200,000 from its fund balance. That will leave $1,028,693 left to be raised through tax levy.
According to City Clerk April Vecchiarella, the tax rate will be $59.78 per $1,000 of assessed value, a 2 percent increase over the current operating plan’s $57.11 per $1,000 of assessed value.
A hearing on the budget will be held at 7 p.m. Wednesday in the Salamanca Municipal Building, 225 Wildwood Ave. Depending on the comments by city residents, the tentative budget could be adopted that evening, the mayor said.