Town Board Approves 2.52 Percent Tax Increase in Adopting 2012 Budget

Taxes will increase by 2.52 percent to meet the adopted $39,824,144 Southold Town Budget for 2012.

Southold Town Board members adopted the budget at a special meeting on Tuesday after public hearings last week. Southold Town Supervisor Scott Russell had said in a previous statement that $700,000 in new costs to the New York State Retirement System accounts for nearly 2.4 percent of the total tax increase.

A spending increase of 1.32 percent over the 2011 budget adheres to the Town Board's adopted policy of maintaining a fund balance equal to or greater than 10 percent of the town's general fund appropriations, Russell said. 

Elected officials have forgone raises in the 2012 budget. Southold employees in the Civil Service Employee's Association will receive four percent raises.