Transcript The Budget Process - Edgewater Park, New Jersey

Estimated 2011 Tax Bill Breakdown
DISTRIBUTION OF TAXES
County*
17%
Schools
54%
Municipal
27%
Fire
2%
*Estimate
4 Year Comparison of
Surplus
Budget Year
2010 2009 2008 2007
Surplus Available
at 12/31
443,000
700,019
1,080,014
1,352,012
Utilized in
following Year
Budget
256,000
662,346
970,539
1,055,000
% of Total
Budget Revenues
5%
11%
18%
19%
Revenue Sources
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
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

Taxes
State Aid
Miscellaneous
Grants
Delinquent Taxes
Surplus Funds, from prior years
Schedule of Revenues
2011
Taxes
2010
2009
3,790,560 3,644,853 3,271,551
2008
3,053,655
State Aid
676,039
676,039
849,830
871,620
Miscellaneous
430,802
458,413
328,800
326,801
24,433
36,324
35,012
36,264
Delinquent
Taxes
255,162
250,000
250,000
340,000
Surplus
Budgeted
256,000
662,346
970,539
1,055,000
Grants
Revenue Breakdown
(Using 2011 data)
Delinquent Taxes Surplus Budgeted
5%
5% Grants
0%
Misc
8%
State Aid
12%
Taxes
70%
Revenue Issues
& Changes


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
State Aid was reduced 173,791 from 2009 to
2010.
2010 was the first year 40,000 of the revaluation
expenses had to be paid back, 2011 is the
second
62,215 increase in expenditures or decrease in
revenues equals one cent tax rate increase.
2011 Local Tax Rate 0.609
2010 Local Tax Rate 0.118 (1.18)
Increase of 0.2 (two cents) new assessed value
Schedule of
Appropriations
2011
2010
2009
2008
Salary and Wages
1,990,735
2,223,290
2,245,137
2,296,334
OE
2,102,318
2,236,062
2,265,716
2,352,291
24,801
100,000
373,041
241,027
436,066
Deferred Charges
Other Operations
Capital
Improvements
28,500
7,000
7,000
18,000
Debt Service
421,646
430,500
387,700
334,200
Revaluation Payback
40,000
40,000
Reserve for
Uncollected Taxes
392,517
310,019
408,407
413,800
Comparison of Major Appropriations
2011
2010
2009
Reserve for
Uncollected Taxes
392,517
7%
310,019
6%
408,407
7%
Debt Service
421,646
8%
430,500
8%
387,700
7%
Insurance
440,000
8%
538,500
10%
481,500
8%
Utilities
283,000
5%
223,500
4%
271,500
5%
Solid Waste
(Tipping Fees)
307,300
6%
231,955
4%
210,869
4%
MACCS (Trash
Collection)
231,950
4%
248,300
4%
204,250
4%
40,000
1%
40,000
1%
331,780
6%
276,204
5%
241,825
4%
Revaluation
Payback
Employer Pension
Bill (PERS & PFRS)
0%
Police Salaries
1,208,360
22% 1,367,986
25%
1,345,800
24%
All Other Expenses
1,776,443
33% 1,881,611
34%
2,173,135
38%
Total Budget
5,432,996 100% 5,548,575
100%
5,724,986
100%
Cost per
Average Assessment
2011 Average House is Assessed at $196,400
$ 1196.59 in Local Tax (0.609 rate)
2010 Average House was Assessed at $100,897
$ 1195.00 Local Tax (1.18 rate)
Examples:
Assessment 100,000 Local
Assessment 150,000 Local
Assessment 196,400 Local
Assessment 250,000 Local
Tax 609.00
Tax 914.00
Tax 1,197.00
Tax 1,523.00