Penfield Town Supervisor Tony LaFountain and the Penfield town board adopted the 2020 final budget at the Oct. 16 legislative meeting.
The final budget, including special districts, is $20,671,392; an increase of $411,786 from 2019. The town operating budget without special districts is $17,724,044.
With this budget, the 2020 town tax rate remains at $2.78 per $1,000 of assessed property value, the same rate as 2019. At this tax rate, a property in Penfield with a valuation of $190,000 will pay $528.20 for general governmental services. Once again, the town tax levy increase is below the increase allowed by the New York state tax cap.
As in previous years, expenditures not under the town of Penfield’s control continued to increase, including contributions to the New York state retirement system of approximately 10 to 19% of payroll. The cost of workers’ compensation will remain flat at nearly 6% of payroll.
Penfield’s property tax rate remains one of the lowest of the 19 towns in Monroe County. The town general taxes continue to account for approximately 8% of each tax dollar. County taxes account for 24% and school taxes account for the remaining 68%.
With its history of fiscal discipline, the financial world consistently recognizes Penfield as one of the most financially responsible towns in New York. Moody’s Investors Service continues its AA1 credit rating of Penfield — one of the highest in the county and state. This rating allows Penfield to secure low-interest financing for capital projects — sewers, roadways, bridges — and assists with cash flow throughout the year. The Moody’s rating also reflects Penfield’s history of stable financial operations and strong management practices.
Further, the town of Penfield continues to receive a respected “no designation” in New York State’s Fiscal Monitoring system. With a low score of just 1.7 in 2018, the town of Penfield is once again well below the 44.9% tolerance point that New York deems to be an indicator of possible fiscal stress. Factors included in the NYS’s review include cash ratio, employee salaries, debt burden and fund balance.
As of Oct. 18, print copies of the Final 2020 Budget are available at the Penfield Public Library, 1985 Baird Road or by contacting the Office of the Comptroller in the Penfield town hall, 3100 Atlantic Ave.