Tom and I, together with Carol Banino and Jim Garvey—the Unite Sleepy Hollow slate in November’s election—welcome a rigorous debate on Village issues important to our residents. We have been issuing newsletters and platform pieces with the intent of both communicating clearly our position on key matters such as budgets, the tax levy, responsible development and parking, and sharing our vision for the future of our great Village.
Several months ago, we shared our comprehensive financial analysis with TAG which utilized the Village’s own audited financial statements and published budgets only—no imaginary numbers as Trustee Connell indicates in her letter. Forecasts are based on reasonable assumptions which can be modified as part of a tool in the model. The analysis shows that we have the resources to complete the Common Park (which is supported by the newly minted Village Climate Action Plan) and other key investments to enhance our Village’s infrastructure – plan that was in progress until TAG stalled it two years ago.
Trustee Connell’s letter references the current debt as the cause for the Village’s 23% property tax increase over the past two years (the actual amount of outstanding Village debt is $62 million, not $70 million as misstated in her letter). The Village’s annual debt service is approximately $5.4 million which is about 15% of the budget—not excessive by most standards. With $13 million of existing debt scheduled to be paid off by 2030, the annual debt service is manageable.
Our Village is in a period of supernormal growth in terms of population, tax base and, to a lesser extent, expenses. And we can and need to invest in our Village in order to keep pace with this growth. About 7% of the total fair market value of Edge is added to the tax base every year for the next 7 years or so until the Edge development is complete. That provides flexibility for the Village to increase spending by more than $1 million per year for the next 7 years without raising your taxes. The Edge on Hudson development ultimately will generate an additional $12-14 million tax revenue every year into the future! Although the incremental cost of additional services at the Edge will add to expenses, we estimate those expenses to be only a fraction of the total addition to the tax base by Edge.
In addition, the Village has underspent the budget over the past two years resulting in a several million dollar increase in the estimated unassigned general fund balance which can be used to pay for increases in debt service or to reduce taxes. These factors, together with the $4.6 million milestone payment from the GM settlement expected later this year, mean that the Village has the financial flexibility to complete the Common Park and public works garage, keep the Riverwalk and our new open spaces in pristine condition, deliver top quality public safety and public works services to residents and keep tax rates relatively flat going forward.
TAG has ignored our financial analysis in favor of no analysis at all. Trustees Connell and Rodriquez have voted to stall completion of the Common Park for the past 2 years, costing taxpayers millions and counting. We are not telling you who to vote for (as Trustee Connell does in her letter), we simply want to present the facts, give you a sense of the kind of leadership you can expect from the Unite Sleepy Hollow team, and let you decide who to vote for. USH is committed to lower taxes, non-partisan common sense leadership where all residents have an equal voice, so we humbly ask for you vote in November.
Sincerely,
Jim Husselbee (USH Candidate for Mayor)
Tom Andruss (USH Candidate for Trustee
