LAKE PLACID — The North Elba Town Council expects to approve a final budget for the 2025 fiscal year at their regular board meeting on Tuesday, according to town supervisor Derek Doty.

The board held a hearing for the preliminary budget on Thursday, which no members of the public attended. The total expenditures expected for the 2025 town budget is $12,416,856, which includes $3,141,540 in capital project expenditures. This budget is a 7.7% increase from the 2024 budget of $11,530,870.

The tax levy for the 2025 budget is expected to be $5,175,925, a 3.13% total increase from the 2024 levy of $5,018,636. However, since the tax levy limit is calculated based on a number of other factors, the town is not going to need to go over the tax cap levy limit for the 2025 budget, according to town Budget Officer Catherine Edman.

“The important part this year is that even though we were concerned about overriding a tax cap, we didn’t need to,” town supervisor Derek Doty said during the Thursday hearing. “We were diligent, prudent. Use any adjective you want, but I think we were more than fiscally responsible.”

The general fund tax rates are estimated to increase from 45 cents to 59 cents per $1,000 in assessed value. This means a resident with a $300,000 home will pay around $177 dollars towards the general fund in 2025. This estimate doesn’t include water, sewer, fire protection, highway or park district taxes. The total tax rate depends on whether someone lives in the village of Lake Placid, the town of North Elba or both.

The town can still make changes to the budget until it is approved, Edman said. The deadline for towns to approve their final budgets is Nov. 20.