The City of Rye was founded in 1660, became a village in 1904, and was incorporated as a city in 1942.

 

By The City of Rye Finance Committee

 

1) The City of Rye was founded in 1660, became a village in 1904, and was incorporated as a city in 1942.

 

2) The City’s Annual Budget serves as the foundation for the City’s financial planning and control. All departments of the City are required to submit requests for appropriations, revenue estimates for the forthcoming year, and a forecast of current year revenue and expenditures to the City Comptroller, on or before August 31 of each year.

 

3) The City Council must adopt a budget and set the property tax rate for the forthcoming year on or before December 31 of the current year.

 

4) In 2012 the City’s revenue demonstrated signs of improvement as compared to 2011. The General Fund revenues were roughly $1,900,000 greater than 2011 revenues; also, property tax revenues increased about $562,000 for the same period.

 

5) The top ten principal taxpayers of the City represent roughly 7.6% of the total tax role, with public utilities representing 2.9%, commercial establishments 1.3% and residential properties representing the remaining 3.4%.

 

6) In 2012 residential tax revenue represented 72.81% of the total tax receipts as compared to 69.31% in 2003. In 2012 commercial tax revenue represented 12.37% of the total tax receipts as compared to 14.10% in 2003.

 

7) The 2012 unemployment rate for the City was 6.2%, and continues to remain favorable against the 2012 rates for New York State (8.2%) and the U.S. (8.1%).

 

8) The City’s total bonded debt decreased 7.1% from $20,845,000 to $19,360,000 during the 2012 fiscal year, representing $1,485,000 in principal payments made during the 2012 calendar year.

 

9) City employee salaries and wages for 2012 decreased $84,990 (0.7%) from $12,109,630 to $12,024,640, reflecting the continued retirement/resignation of full-time employees.

 

10) Fines and forfeitures — $609,247 — remained relatively consistent year over year in 2012, with increased vehicle and traffic fines of $22,810, offsetting decreased parking violations of $27,436.