March 20, 2013 THE VILLADOM TIMES I • Page 9 Franklin Lakes Borough council introduces 2013 municipal budget by Frank J. McMahon The Franklin Lakes Borough Council has introduced the municipal budget for 2013. Revenues and appropriations in the budget total $16,530,012, an increase of $64,850 over last year’s adopted budget, or an increase of 0.39 percent. The amount to be raised by taxation is proposed at $11.02 million, a 1.9 percent increase, which is under the maximum allowable state levy cap. That budget increase will increase the borough’s tax rate by a half cent to 26.9 cents per $100 of assessed valuation. The owner of a home with the borough’s average assessed value of $1,030,000 would pay an additional $51.50 for municipal services, bringing the amount paid for municipal purposes to $2,771. The total tax increase on the borough’s property owners cannot be determined until the tax rates for the local and regional school districts, Bergen County, the Bergen County Open Space tax, and the library are established. Gregory Hart, the borough’s business administrator, pointed out some notable line items included in the borough’s 2013 budget. Salaries and wages increased $158,764 from $5,131,661 to $5,290,425, and debt service increased $255,546 from $1,407,100 to $1,662,646, but that includes payoff of notes totaling $244,000. Health insurance increased $20,500 from $1,454,500 to 1,475,000, while the state-mandated municipal library cost decreased $44,787 from 1,491,000 to $1,446,213. Pension contributions decreased $491,373 from $1,377,326 to $885,953 because, in 2012, the borough paid off a $485,000 pension deferred charge from 2009. In addition, the garbage and recycling collection and disposal cost decreased $91,000 from $823,000 to $732,000 because of a new garbage collection contract. Significant increases in the budget include capital improvements, which are up $387,700 as part of the borough’s continuing effort to fund recurring capital purchases in the operating budget instead of incurring more debt; employee salaries, which are up $158,764, or near two percent, as a result of the collective bargaining agreements; and debt service, which is up $255,546 because of the additional pay down of principal. Hart advised that all other appropriations will decrease by nearly $600,000, and the proposed budget includes $296,561 from the library as a return of excess funds which will be used to decrease taxes. According to Hart, the proposed budget meets the borough’s goals in several areas. He said the budget stabilizes the use of surplus funds by reducing the use of surplus by $515,000, and the borough projects that it will be able to maintain a surplus level of over $2 million, which is considered an appropriate and prudent balance. The budget also manages the tax increase by being under the tax levy cap, which is two percent, and the budget decreases overall debt. Hart also pointed out that, since 2008, the borough’s outstanding debt has decreased by nearly $2.2 million, or over 13 percent. In addition, Hart said this year’s proposed budget will substantially increase its commitment to the borough’s road improvement program while continuing to decrease overall debt, by funding over $550,000 of capital projects in the operating budget. He said the budget will maintain or improve the level of services to borough residents while controlling expenses. The Franklin Lakes Office of Emergency Management is offering a newsletter that includes information about the borough’s emergency management plan and Community Emergency Response Team training. OEM offers newsletter to residents Residents are invited to go online and visit www. franklinlakes.org and select “Emergency Services” and “Office of Emergency Management” to access the newsletter.