How financially feasible is the Village of Edgemont?

2017 Feasibility Report

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 as those decisions will rest with the Village's Board of Trustees. 

Click here for the Novak firm's letter attesting to the financial feasibility of the Village of Edgemont and click here for the one-page 2017 summary financial statement.

2018 Updated Projections

In the 18 months since the feasibility study was released, we have updated village financial projections to reflect higher projected tax revenues resulting from reassessment. In addition, we conducted additional research on potential service options and their associated costs. The updates are presented in 4 scenarios, summarized as follows:

 Edgemont Village will have a number of options for essential services. However, regardless of how police, highway, and EMS are delivered, Edgemont will continue to receive first-responder non-transport EMS and fire protection services from the Edgemont Village Fire Department (formerly the Greenville Fire District).

Edgemont Village will have a number of options for essential services. However, regardless of how police, highway, and EMS are delivered, Edgemont will continue to receive first-responder non-transport EMS and fire protection services from the Edgemont Village Fire Department (formerly the Greenville Fire District).

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 the current Town tax effort 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.


Introduction of municipal finance and local government operations experts (DECEMBER 2016)

The EIC introduces the consultants and discusses the feasibility of Edgemont Village. Click here for their presentation slides.

Zions Public Finance's Susan Becker walks through the feasibility methodology and financial analysis.

Former Rye City Manager Julia Novak introduces her team of experts, which includes a former Westchester Police Commissioner and municipal operations analyst. The Novak Group verified the work of Zions and prepared staffing and cost estimates for the Village of Edgemont's administration, police, and public works departments.

 

Julia Novak walks through a brief summary of her team's assessment of the feasibility of an Edgemont Village.

Opponents' consultant states that edgemont's taxes would likely drop

An anti-incorporation group held an event in September 2016 to which they brought a consultant, CGR, which had been previously hired by Greenburgh. CGR provided its preliminary view on incorporation's potential property tax impact to the residents of Edgemont.

*Note: actual Village of Edgemont property tax revenues at the Town's 2018 tax rate will approximate $15.3 million ($24.5 million including the Greenville Fire District tax levy).