MONTICELLO — Trustees in the Village of Monticello unanimously passed a $14.7 million dollar budget for the 2020-21 fiscal year during a virtual meeting last week.

It includes a one percent property tax increase from the previous budget while spending about two percent less overall. The fiscal year begins on August 1 and ends July 31, 2021.

Mayor Gary Sommers said the Village is running a deficit of about $600,000, but he expressed some optimism about reducing that in a few years.

“I really think within the next four or six years we'll be able to get that straightened out if things turn a little bit with the national economy,” Sommers said.

Between increasing property sales within the Village and several residential and commercial projects in development or being planned, Sommers believes they'll see their tax base grow over the next several years in ways they haven't seen before.

The 302-unit Monticello Mews Apartment complex recently received site plan approval and is clearing space on West Broadway. There's another apartment complex planned for Jefferson Street and commercial site plans have been drafted for the Village Square Mall on the corner of Pleasant Street and Smith Street.

The revenue in this year's budget from real property taxes increased in the Village from $5.1 million to $6.3 million, or by around 22.57 percent.

“We have so many people who are looking to invest in properties outside of the city,” Mayor Sommers said.

“Because the village has so many properties that are coming up in the tax sales, even though I think we can sell them pre-tax sale, the village can make money on it. There's the opportunity to grow our economy a bit,” Sommers explained.

“More people are buying properties in the Village,” Trustee Carmen Rue agreed. “People are buying houses. Some people want to get out of big cities.”

In the recent past, Sommers has talked about marketing Monticello the “bedroom community” for people currently living in or commuting to Orange County.