LAKEWOOD — Village residents may see a lower tax rate if the proposed budget is approved.

Lakewood Mayor Randy Holcomb has submitted a tentative budget proposal to the village board that shows a decrease in the tax rate of 7.1 cents per $1,000 of assessed property value. The total appropriations for the 2022-23 tentative budget are $4,129,849 that includes $1,951,610 in estimated revenues, $200,000 in appropriated surplus from sales tax, $20,000 from reserve funds and $1,998,239 in taxes.

Holcomb said the tax rate decrease was made possible due to the increase in sales tax revenue over the past year.

“This shows that we are really using it to everyone’s advantage and not just a group or a department,” he said. “The whole village will be able to take advantage of this with the reduced tax rate.”

Likewise, the village will utilize $146,484 of American Rescue Plan Act funds for the village Department of Public Works to purchase an international dump truck with a plow package.

“As we enter into this year’s financial planning, hoping that COVID and its effects are behind us, I believe this tentative budget takes into consideration all department requests, all while allocating resources to a variety of village priorities and programs to ensure Lakewood’s quality of life and safety,” Holcomb said. “This financial road map is presented with consideration to the individual department’s needs while respecting the department head’s expertise in their budget requests. These have truly been different and rapidly changing times over the past two years, especially with the existence of the American Rescue Plan Act. ARPA funds offer municipalities with tightening budgets and dwindling fund balance an opportunity that we are not likely to witness again.”

Holcomb said the village has been impacted by the pandemic but noted that they were “well-situated to weather the storms of the unforeseen challenges ahead.”

“Proudly, we continue delivering the essential services our residents rely upon,” he said. “I’m grateful for the dedicated work of every department and the Board of Trustees in our great village,” he said. “I commend the citizens involved in the grants process for their tireless work and expertise, especially on major projects such as the Lakewood playground rebuild, the reinvigoration of the Anthony C. Caprino Building and … the Grandview environmental project.”

Holcomb thanked the municipal employees, including the village treasurer, Apryl Troutman, for their guidance and assistance throughout the process.

“It is Lakewood’s people that make Lakewood great,” he added. “I look forward to the exciting future for the village of Lakewood.”

Holcomb said the village board will now begin work on finalizing the budget, and a public hearing regarding the spending plan has been scheduled for April 11, at 6:45 p.m. during the regular meeting of the board.