April 8th, 2019
HORNELL, NY – Facing a budget shortfall and a decreased property value assessment in the city, the Hornell Common Council passed two resolutions Monday night in a special meeting to make ends meet.
Since the budget for 2019-20 has already been passed on March 25th, some adjustments were necessary. The State of New York Department of Taxation and Finance, Office of Real Property has notified the City of Hornell of a decrease in assessment from $267,171,275 to $267,155,560, and a correction to the adopted budget is necessary.
To reflect change in total assessed value, the city will adjust tax rate per thousand from 12.637542 to 12.638285. Also, to correct the amounts listed in the original budget, the city will decrease ambulance fee revenues by $45,010 and increase misc. revenues/other governments by the same amount.
Also, since the City is temporarily facing a cash flow shortfall due to end of the year fund balances, a resolution was passed to temporarily transfer excess funds from the City Water Department to the city’s General Fund of up to $600,000.
In the past, the City of Hornell has borrowed money from local lending institutions via tax anticipation notes to make ends meet, but is reluctant to go that route this time.
These resolutions will take effect immediately.