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Release Date: May 22, 2008

I have submitted to the Town Board the proposed Capital Budget for 2008 in the amount of $4,018,468 which excludes the last portion of the new Library construction project and the anticipated capital plans for years 2009 and 2010. In recent weeks members of the Town Board and I have spent some time meeting with all departments heads who requested funds from the capital budget The recommended capital budget is approximately 36% below the 2007 Adopted Capital Budget amount of $6,307,395 and approximately 51 % of the amounts requested by the various activities for 2008. As you know, the Town is facing a challenging fiscal environment related to many factors, some local and some national and international in nature. The 2008 Recommended Capital Budget is also less than the 2006 Adopted Capital Budget of$5,105,000 by approximately 21 %.
In addition to the format that has been used in prior years, this year's presentation includes a new section beginning on Page 17 created by the Town's Comptroller, Michael Kolesar, that aims to present this data in a clearer and more meaningful manner as well as present a forecast of the impact of this Recommended Capital Budget on the 2009 Debt Service Costs for both the Town Entire and Town Outside Villages funds. This projection indicates that debt service costs for the Town Entire will increase approximately $143,000 and contribute to an increase in the Town Entire 2009 tax rate of .24%. Debt service costs for the Town Outside Villages are anticipated to increase by approximately $350,000 and would contribute to an increase in the Town Outside Villages 2009 tax rate of 1.11 %. If the last portion of the Library project that must be funded this year were excluded, the debt service costs for the Town Outside Villages would project a decrease of approximately $ 207,000.
The entire capital budget in its entirety will be posted on the town’s web site (www.greenburghny.com---under forms). One can also obtain a copy by e mailing me at pfeiner@greenburghny.com.

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