Westchester County Executive George Latimer unveils $2.3 billion budget under inflation squeeze
WESTCHESTER COUNTY, N.Y. -- Higher prices and rising interest rates are squeezing budgets for families, businesses and governments.
Inflation is on many minds, and it's shaping Westchester County's 2023 budget, CBS2's Tony Aiello reported Thursday.
County Executive George Latimer delivered his proposal to lawmakers Thursday morning.
"This budget comes at a time when Westchester residents and Americans in general have an uneasiness," said Latimer.
Latimer's $2.3 billion spending plan does not increase the county tax levy. A median-priced home in Westchester can expect a county property tax bill right around $3,200.
Inflation means the county is seeing record sales tax revenue. When prices go up at the store, you end up paying more sales tax. For this year, the county estimated it would receive $833 million in sales tax revenue. For next year, it's estimating $910 million.
On the downside, the county is taking a hit from higher energy costs - $9 million more than budgeted. But electrifying buses helped it reduce purchasing of diesel fuel by almost 1 million gallons. Inflation has the county paying more for everything from vehicle tires to pool chemicals.
The budget anticipates continued but lower inflation next year at around five percent, and doesn't borrow any money for operating costs or to pay pension obligations.
"We can administer the money that we have wisely and prudently," said Latimer.
The budget will be debated and adopted before the end of the year. It includes additional money for mental health programs and fighting opioid addiction.