Stony Point has greatly improved its financial position over the past several years, which is welcome news for resident taxpayers.
The financial strength of the Town is reflected in the current year’s budget, which reduces Town taxes by 9% AND provides for $375,000 in road resurfacing, $750,000 in capital equipment purchases, and $200,000 in retirement obligations. While double digit increases in medical and property and casualty insurances had a negative impact on the 2023 budget, the Town Board worked hard to achieve this historic tax reduction while still providing for necessary expenditures. Key indicators on the financial strength of Stony Point include:
- Reduction in outstanding debt by 55%, or $12 million from 2015-2022.*
- Increase in the Town’s Fund Balance by 63.2%, or $3.4 million from 2016- 2022. The Town’s total Fund Balance represents the accumulated surplus (savings) of $8.8 Million.*
- From 2016-2022 the Town spent $5.6 million on Capital Improvements while continuing to decrease the Town’s outstanding debt.
- The Town was the beneficiary of $530,000 in grants from the County and State since 2016 which includes:
> $55,000 for a new senior bus > $56,000 police vehicle and school radar signs
> $50,000 for sidewalk repairs > $100,000 for new playground equipment
> $250,000 for the renovation of Town Hall
> $75,000 for the construction of new dog park - Most importantly the Board’s adopted budget for 2023 reflects a 9% REDUCTION in Town property taxes for Stony Point homeowners.
To find out more details go to to https://www.townofstonypoint.org/ town-budget-info for a copy of
this years budget.