How financially feasible is the Village of Edgemont?
Click here for the full consultant-prepared report, released in January 2017, which includes financial projections if Edgemont provides its own police protection and public works services rather than securing them through inter-municipal contracts. This report was developed over a six-month period by Zions Public Finance and The Novak Consulting Group, who concluded that a Village of Edgemont is financially feasible and "would be able to provide a high level of service with the existing revenues that will credit to the Village" and stated "the projected operating surplus would provide your Village government with flexibility on debt repayment, community investment, and taxation levels." The Novak firm's analysis did not recommend specific budget allocations or an overall governance plan, as those decisions will rest with the Village's Board of Trustees.
In the two years since the feasibility study was released, the EIC has updated village financial projections to reflect higher projected tax revenues resulting from both reassessment (June 2017) and tax rate increases imposed by the Town of Greenburgh (January 2018 and January 2019). In addition, we conducted additional research on potential service options and their associated costs. The updates are presented in 4 scenarios, summarized as follows:
Click here to review a 1-page pro forma budget for each option. As shown above, projections indicate that the Village of Edgemont would operate at a comfortable surplus under all scenarios.
Comparison to Other Villages
Had Edgemont incorporated in 2018, Village revenues at current Town tax rates and assessments would have been nearly $18 million, with total revenues exceeding $27 million (including the Greenville Fire District budget, which becomes part of the Village's). That amount is substantially higher than the total $15.8 million budget of the Village of Hastings, which has a larger population than Edgemont. Click here to see how Edgemont's comparatively large tax base generates significantly more revenues per $1 of taxation than Greenburgh's existing six villages.