LAKE PLACID — The Lake Placid Village Board of Trustees passed its $7.2 million budget for the 2024-25 fiscal year on Tuesday following an unattended public hearing.

The $7,223,058 budget is a $558,718, or 8.38%, increase from last year’s $6.6 million budget. The majority of the budget would be funded by taxes. The village will levy — or collect — $4,281,655 in property taxes from village property owners, just under a 3% increase from last year’s $4,157,280 levy. This increase meets the village’s state-imposed tax cap for 2024-25. The budget would also use $390,149 in reserves, $290 more than last year’s budget.

Tax rates will be $4.74 per $1,000 in assessed value for 2024-25, up 14 cents from last year’s tax rate of $4.60 per $1,000 in assessed value. This means that a person with a $400,000 home in Lake Placid could expect to pay $1,896 in village property taxes in 2024-25.

Village Treasurer Mindy Goddeau said last week that the increased expenditures are mostly due to the cost of equipment as well as anticipated grant money that’ll help the village upgrade Peacock Park.

“We were able to spend more because we were taking in more,” she said. “It’ll end up being a wash.”

At a Tuesday afternoon public hearing on the budget, no members of the public attended to offer comments. After waiting 10 minutes, the village board closed the public hearing, opened a special board meeting and voted unanimously to accept the budget as proposed.