Page 6 THE VILLADOM TIMES I • March 16, 2011 Franklin Lakes Budget will decrease municipal-purpose tax by Frank J. McMahon The 2011 budget introduced by the Franklin Lakes Council reflects a $130,996 increase, but the municipal-purpose tax will decrease by $58 for the owner of a home assessed at $1,032,252, the borough’s average assessed value. The $15,704,272 municipal budget will require a local tax levy of $10,614,098, an increase of $195,652, or 1.9 percent, and it will raise the borough’s current municipal tax rate of 21 cents per $100 of assessed value to just under 26 cents. However, according to Franklin Lakes Borough Administrator Gregory Hart, the property tax on the home with the borough’s average assessed value will decrease in 2011 because of a slight shift in ratables from residential to commercial in the recent reassessment of borough property. The new net assessed valuation of the borough following the reassessment is $4,091,969,300 and the 26 cent tax rate is determined by dividing the local tax levy of $10,614,098 by that net assessed valuation. However, the average assessed value of a borough home decreased from $1,280,901 last year to $1,032,252 this year. When that average assessed value in hundreds of dollars is multiplied by the rounded up 26 cent tax rate, the resulting tax is $2,677, $58 less than last year’s municipal tax. The tax rate associated with the borough’s budget is one of five tax rates that comprise the total tax rate used to determine a borough property owner’s aggregate tax. The total tax rate also includes the rates for the regional and local school districts, Bergen County, and the Bergen County Open Space fund. The revenues listed in the municipal budget include the use of $1,025,000 of surplus, $219,000 less than was used last year. The surplus balance at the end of last year was $2,290,978. With the use of $1,025,000 for this budget, there would be $1,265,978 remaining in surplus. Hart said that it is expected that the $1,025,000 of surplus will be regenerated during 2011, so the surplus balance will not be depleted. The budget also includes $3,445,174 in miscellaneous revenues, which include any revenues other than taxes and surplus. Major revenue sources include municipal court fines and costs of $204,500; interest and costs on taxes of $190,000; Cablevision franchise fee of $144,000; recreation program fees of $189,000; energy receipts tax of $1,775,732; uniform construction code fees of $325,000; and library insurance/ pension reimbursement of $229,000. Appropriations listed in the budget include $5,205,496 in salaries and wages for 56 employees, an increase of $84,213; other expenses of $6,833,507, a decrease of $737,039, which includes the borough’s day to day operating expenses and a $1,530,240 contribution to the public library; deferred charges and other appropriations of $1,259,269, an increase of $598,100, which includes special emergency authorizations allocated and collected over a five-year period, and other appropriations such as social security taxes and police retirement and public employees retirement systems; debt service of $1,371,000, an increase of $69,000; and a reserve for uncollected taxes of $1,035,000, an increase of $36,722. Helping hands Barnert Temple’s Preschool recently celebrated Chai Caring Day, a day devoted to understanding how and why we need to help others. Donations collected over the past weeks totaled 1,027 diapers; 1,490 baby wipes; 20 baby care items; 75 cans or jars of baby formula; 172 cans or boxes of baby food; and $218 in cash donations. In addition, the Preschool classes added a personal touch to the collection by creating 75 handmade greeting cards. The food donations were given to the Center for Food Action. The donated money was deposited into Barnert’s Preschool Caring Community Fund. The diapers and baby care items will be distributed to groups who support women in need. School budget to lower tax levy (continued from page 3) would increase. A Franklin Lakes resident whose home is assessed at that borough’s average of $1,032,252, would experience a decrease of $35, or $2.88 per month, although the regional high school tax rate in that borough is expected to rise from 35.06 cents to 43.17 cents. In Oakland, a resident with a home assessed at that borough’s average of $407,800 would witness a decrease of $34, or $2.85 per month, while the regional high school tax rate in Oakland is expected to increase from 39.77 cents to 46.52. In Wyckoff, a resident who owns a home assessed at the township’s average of $810,610 would see a tax increase of $94, or $7.84 per month, while the regional high school tax rate in that township is expected to increase by 1.16 cents from 36.38 cents to 37.54. The tax obligation is determined by multiplying the property’s assessed value in hundreds of dollars by the tax rate. The tax rate associated with the regional district’s budget is one of multiple tax rates that comprise the total tax rate. Municipal and county tax rates are also included in the total rate. The total tax rate must be used to determine a property owner’s tax obligation. The regional high school’s tax levy to support this budget will be voted on by the voters of the three towns in the regional high school district on Wednesday, April 27. At that time, voters will also elect one member of the regional high school board from Wyckoff and two members from Oakland. Break the Highway Trend! ...not your community’s back. Save Time! Save Gas! Save Money! SAVE YOUR COMMUNITY! We Need You ���������������������� ��������������������������������������� ������������������ SHOP LOCALLY. IT’S SMART. ...and besides, it’s so convenient! ��������������������������������������������������������� ����������������������������������������������� �� Local businesses are the backbone of your community and the trend to shop the big guys on the highway hurts us all.Your local businesses have what you want... at the right price... and close to home. So, why hassle with the highways? What could be bigger than the life of your kid? Prescription drug abuse can kill teens, but most parents are not aware of the danger. Place this coupon in your wallet as a reminder to talk to your kids. It’s one of the best ways to stop the abuse. Learn more at drugfree.org. SAVE BIG!