Page 6 THE VILLADOM TIMES I • August 4, 2010
Franklin Lakes
Bergen County sets borough’s tax rate
by Frank J. McMahon The total 2010 tax rate for the Borough of Franklin Lakes has been set by the Bergen County Board of Taxation at 21 cents, an increase of 1.8 cents over the 2009 municipal tax rate. The county has set the borough’s total tax rate at $1.246, an increase of five cents over the 2009 tax rate. That total tax rate is comprised of a Bergen County tax rate of 18.4 cents, an increase of five tenths of a cent; the Bergen County open space tax rate of three tenths of a cent, a decrease of seven tenths of a cent; the borough’s school district’s tax rate of 49.9 cents, an increase of 2.1 cents; the regional high school district’s tax rate of 35 cents, an increase of 1.3 cents; and the municipal tax rate of 35 cents, which represents the increase of 1.8 cents. The five cent increase in the borough’s total property tax rate will raise the property tax on a home in the borough with the average assessed value of $1,280,901 by $640 per year. Of the total tax increase, the municipal tax rate increase of 1.8 cents accounts for $230, the local school district tax rate increase accounts for $269, the increase on the regional school tax rate accounts for $167, the Bergen County tax rate increase accounts for $64, and the reduction in the Bergen County open space tax rate accounts for a $9 decrease. The borough council adopted its $15,510,778 budget for 2010 at a public meeting in May. It represents a $624,000, or four percent, increase above the 2009 budget and requires $10,418,446 in property taxes, which represents a $918,374, or 9.7 percent, increase in property taxes for borough residents. In a presentation by Borough Administrator Gregory Hart at the May meeting, he explained that 16.1 percent of the borough’s total property tax is the result of the borough’s budget, while 68 percent is the result of the local and regional school budgets, and 14.8 percent is the result of the Bergen County property tax. Hart emphasized that the borough’s tax rate will remain the second lowest in Bergen County behind Alpine, and about 14 percent below the Wyckoff tax rate. In addition, Hart pointed out that the borough’s property tax levy increase is below the allowable state tax levy cap by $172,927. The budget shows an appropriations side which consists of $5.1 million in salaries and wages, $7.4 million in other expenses, $661,169 in deferred charges, $1.3 million in debt service, and $998,278 in a reserve to cover uncollected taxes. The appropriations side of the budget also includes “non-discretionary” items such as a state mandated contribution of $1.6 million to the municipal library; a health care insurance cost of $1.4 million, which represents an increase of $187,000; state mandated pension contributions of $900,000, which have been increased by $448,000; a garbage and recycling collection and disposal cost of $900,000; and $100,000 in additional snowplowing costs due to last winter’s storms. Those mandated costs, according to Hart, total $7.1 million, or 46 percent, of the 2010 appropriations, while the $5.1 million
in salaries and wages constitute 33 percent of the proposed appropriations. He emphasized, therefore, that approximately 80 percent of the 2010 budget is somewhat fixed. Hart said the budget was reduced by $130,000 in legal costs, $60,000 in buildings and grounds expenses, $47,092 in mayor and council salaries, $40,650 in general administration expenses, $40,500 in engineering costs, $36,656 in library costs, and $21,840 in financial administration expenses. On the revenue side of the budget there was a $165,457 reduction in state aid, and $1.2 million of the borough’s surplus was used in this budget, down $100,000 from last year. Hart said that will allow the borough to maintain a surplus of at least $2 million, which is consistent with the borough’s Triple-A bond rating. There was also $3.1 million in miscellaneous revenues, a reduction of $282,951; and the borough received $703,200 from delinquent taxes, leaving $10,418,446 to be raised through property taxes.
The Franklin Lakes Education Foundation recently received a donation check in the amount of $20,430 from the Franklin
Bank suports Education Foundation
Lakes branch of TD North as part of the bank’s Affinity Program. (continued on page 9)
Franklin Lakes Education Foundation receives a check from TD Bank for over $20,000.
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