County sales tax boosts revenue amid flat building income and rising retirement costs

The Rye Brook Board of Trustees convened on April 8, 2025, to discuss key financial updates and projections impacting the village's budget and future developments. The meeting highlighted the positive impact of the county's additional sales tax, which has provided a crucial revenue stream since its implementation in February 2019. This extra 1% sales tax has been particularly beneficial in offsetting property taxes, especially in the post-COVID economic landscape.

During the meeting, officials noted that while building revenues have remained flat, there are signs of potential growth with upcoming developments. However, rising interest rates pose challenges for future projects.

A significant portion of the discussion focused on the costs associated with the retirement system. The board reviewed historical data on retirement expenses, noting a substantial increase from approximately $19,000 in 1985 to an anticipated $2.6 million next year. This sharp rise underscores the importance of monitoring and managing these costs as they represent a major component of the village's financial obligations.

Overall, the meeting provided a comprehensive overview of the village's financial health, emphasizing the need for strategic planning to navigate both current challenges and future opportunities. The board plans to continue monitoring these financial trends closely as they prepare for upcoming budget discussions.