FY24 Budget Planning

Dear Residents,

Below is the guidance that I recently provided to the Trustees, Treasurer, and Department Heads regarding our upcoming FY24 Budget Planning. We have significant infrastructure spending in the months and years ahead. We must go through our budget with a “fine tooth comb” to ensure we are spending every dollar effectively and continuing to put the village on a stable financial path in the years ahead.

There is A LOT of work being done right now on our long-term financial planning. We are assessing our assets (water and roads), Albany and William Street projects (replace water mains and new road paving/sidewalks), and taking into account additional large purchases/expenses and staffing models. We will have more information soon on the results of these assessments and their impact on our budget.

If you have any questions, please do not hesitate to contact me!

Sincerely,

Mike

FY24 Budget Planning

Village of Kinderhook

Background. The Village of Kinderhook’s FY24 budget planning season is approaching. By law, our budget must be adopted by May 1, 2023. The following document provides guidance on how the village will create its FY24 budget to ensure it is completed transparently, collaboratively, and on time.

End-State. The end-state is to produce a budget that:

1. Continues to put the village on a stable financial path in the years ahead.
2. Fully funds our essential services such as water purification and delivery, and fire rescue and response.
3. Makes significant investments into our critical infrastructure, specifically for the Albany Avenue Water Main Upgrade and the Albany Avenue Pedestrian and Bicycle Improvement Project.
4. Stays under the NYS tax cap.

Supporting Initiatives. The following initiatives will shape our FY24 budget:

1. Long-term financial planning work being conducted by Trustee Browne, Trustee Patterson, Village Treasurer Heeder, and resident Jerry Callahan.
2. Water assets assessment being conducted by NYS Rural Water Association, Water Commission Leiser, and DPW Superintendent Booth.
3. Road, Sidewalk, and Drainage assessment conducted by Trustee Browne, DPW Superintendent Booth, and Tighe & Bond.
4. Albany Avenue Pedestrian and Bicycle Improvement Project grant and the Albany Avenue Water Main Upgrade project, led by Trustee Browne.

Additional Support. The following agencies external to the village are assisting with our financial projections:

• Advisory services provided by Fiscal Advisors.
• Regular input provided by the village’s independent financial auditor.

Planning Guidance. The following guidance has been provided to the Village Trustees and Staff Members as we progress towards creating the FY24 budget.

• Conduct a deliberate and transparent process to develop the budget.
• Although each Trustee and Department Head has responsibility for portions of the budget, we all have ownership and are responsible for the entire budget. Trustees, Department Heads, and residents may review and are expected to provide input on all portions of the budget.
• Every dollar must be reviewed and justified.
• The Village Treasurer will maintain one electronic and one hard copy of the draft budget and will be responsible for tracking all official edits and changes. The hard copy of the draft budget will be available at the village hall for all to review.
• Each person responsible for a portion of the budget will conduct a line-item review and specifically highlight each line with the color “red” for all required or mandatory spending and the color “green” for all discretionary spending. If unsure, leave the line-item unmarked for discussion.

Key Dates

December 15, 2022 – Trustees and Department Heads are provided their current FY23 budget sections for review. Over the        next six weeks, Trustees and Department Heads are expected to meet with the Village Treasurer, the Long-Term Financial Planning Team, and the Mayor, to review budget line items in detail to assess our status of spending and delineate between required and discretionary spending.

January 25, 2023 – Public workshop meeting to discuss budget review findings and identify preliminary revenue and spending goals for FY24.

February 15 – Public workshop meeting to continue to discuss and refine budget review findings and goals for FY24.

March 22 – First official public Village Budget Meeting. Trustees and Department Heads are expected to have draft inputs for the FY24 budget.

March 27 – Additional public Village Budget Meeting as needed.

March 29 – Additional public Village Budget Meeting as needed.

April 3 – Additional public Village Budget Meeting as needed.

April 5 – Village Budget Meeting to approve FY24 budget.

April 6 – Budget notification is published in the Register Star.

April 12 – Regular Board Meeting. Vote to approve the FY24 budget.

May 1 – FY24 budget is adopted.

Closing Notes. We are going to have to begin to make some difficult “need vs. want” decisions with our budget if we are to put ourselves on a stable financial path towards upgrading our critical infrastructure in the years ahead. We appreciate everyone’s input and feedback throughout this process.