Readington Township Select Picture 2018 Budget Highlights - - PowerPoint PPT Presentation

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Readington Township Select Picture 2018 Budget Highlights - - PowerPoint PPT Presentation

Dec 26, 2023 311 likes •543 views

Readington Township Select Picture 2018 Budget Highlights as resize handles. Caps APPROPRIATIONS LEVY Readington Township 2 Appropriations Cap COLA (COST OF LIVING ADJUSTMENT) NOW

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SLIDE 1

Readington Township

2018 Budget Highlights

  • Select “Picture”
  • as “resize handles.”
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SLIDE 2

Caps

 APPROPRIATIONS  LEVY

Readington Township 2

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SLIDE 3

Appropriations Cap

  • COLA (COST OF LIVING ADJUSTMENT)
  • NOW REFERRED TO AS “1977 CAP”
  • 2.5% FOR 2018 - INCREASED TO 3.5% BY ORDINANCE
  • A “PAPER” NUMBER
  • BALANCE IS “BANKED” FOR UP TO 2 YEARS
  • “Banked” amount removed if not utilized within 2 yrs.

Readington Township

3

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SLIDE 4

Levy Cap

  • 2007 CAP
  • REFERS TO 4% LEVY CAP ON LOCAL UNITS
  • SUPERSEDED BY THE 2010 CAP LAW
  • 2010 CAP LAW
  • AMENDED 2007 CAP TO A 2% CAP
  • MODIFIED EXCLUSIONS

Readington Township 4

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SLIDE 5

Appropriations

  • 2018 Allowab

lowable le Opera erating ting Appro propriation priations (within ithin cap)

  • $16,157,705
  • Proposed
  • posed Budget

dget Appropriations propriations (within ithin cap)

  • $14,732,368
  • $ 1,425,337 under allowable “appropriations” cap

Readington Township 5

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SLIDE 6

Examples:

Within Cap:

  • Department Operating Expenses
  • Salaries
  • Legal
  • Utilities
  • Engineering

Out of Cap:

  • Debt Service
  • Road Repair & Improvements (chip seal)
  • LOSAP
  • Capital Improvement Fund

Readington Township 6

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SLIDE 7

Readington Township 7

YEAR TOTAL ADOPTED BUDGET LESS FEMA, EPA GRANTS EMERGENCY

APPROPRIATIONS

NET CHANGE % 2014 21,011,916 2,244,603 18,767,313 955,699 5.36 2015 18,832,055 550,397 18,281,658

  • 485,655
  • 2.58

2016 18,695,128 18,695,128 413,470 2.26 2017 20,789,308 1,374,343 19,414,965 719,837 3.85 2018 20,080,997 20,080,997 666,032 3.43

Average increase over 5 years = 2.46%

Budget Comparison

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SLIDE 8

2018 Budget Appropriations Breakdown by Category

Readington Township 8

6% 18% 2% 15% 18% 4% 5% 2% 25% 2% 2%

Reserve for Uncollected Taxes 6% Debt Service 18% Capital Improvements 2% DPW / B&G / Recycling 15% Public Safety/Police/Emerg Srvs 18% Legal / Consultants 4% Pensions 5% Recreation / Libraries 2% General Administration 25% Construction 2% Utilities 2%

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SLIDE 9

State Aid ANTICIPATED

  • 2014

$ 1,425,673

  • 2015

$ 1,425,673

  • 2016

$ 1,425,673

  • 2017

$ 1,425,673

  • 2018

$ 1,425,673

Readington Township 9

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SLIDE 10

Interest Anticipated on Investments

Readington Township 10

Anticipated Collected 2013 10,000 7,422 2014 6,500 20,347 2015 15,000 28,152 2016 22,000 34,721 2017 30,655 46,467 2018 40,000

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SLIDE 11

Municipal Surplus

Readington Township 11

YEAR BALANCE

12/31 of previous year

UTILIZIED

2014 $1,964,000 $1,340,199 2015 $2,063,915 $1,190,677 2016 $2,110,055 $1,055,000 2017 $2,654,687 $1,756,000 2018 $2,752,998 $1,852,000

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SLIDE 12

2018 Revenue by Category

Readington Township 12

9% 7% 8% 3%

SURPLUS ANTICIPATED 9% STATE AID 7% OTHER/MISC REVENUES 8% RECEIPTS FROM DELINQUENT TAXES 3% AMOUNT TO BE RAISED BY TAXATION 73%

73

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SLIDE 13

RESERVE FOR Uncollected TAXES

Example Calculation: FUNDS NEEDED $ 76,358,518 EXPECTED COLLECTION RATE 98.43% $ 76,358,518 x .9843* = $ 75,158,518 RUT is the difference = $1,200,000* (*Figures have been rounded )

Readington Township 13

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SLIDE 14

Net Municipal Debt

  • 2011 $61.9 million
  • 2012 $59.9 million
  • 2013 $56.6 million
  • 2014 $57.3 million
  • 2015 $56.5 million
  • 2016 $54.7 million
  • 2017 $58.3 million

Readington Township 14

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SLIDE 15

LOCAL Tax Levy

Budget as Introduced for 2018 AMOUNT TO BE RAISED $ 14,667,315

Readington Township 15

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Amount to be Raised

(History)

  • 2015

$ 13,542,704

  • 2016

$ 13,692,799

  • 2017

$ 14,445,980

  • 2018

$ 14,667,315

Readington Township 16

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SLIDE 17

Readington Township 17

TAX YEAR ASSESSMENTS

INCREASE / DECREASE

MUNICIPAL TAX RATE

% CHANGE ASSESSED 2014 $2,663,316,584 +$10,241,556 $.503 +0.39 2015 $2,609,384,279

  • $54,051,805

$.519

  • 2.00

2016 $2,593,333,060

  • $16,051,219

$.528

  • 6.15

2017 $2,612,293,253 +$18,960,193 $.553 +7.31 2018 $2,605,206,893

  • $7,086,360

$.563

  • 2.71

Changing Assessments

5 yr Assessment History Approximately a 2.18% decrease in assessments over 5 years.

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SLIDE 18

Municipal Tax Rate

  • Valuation:

$2,605,206,893

  • Budget Requirement:

$14,667,315

  • Calculation:

$14,667,315 divided by $2,605,206,893 divided by $100 = .563

Readington Township 18

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SLIDE 19

Projected 2018 Overall Tax Rate

Readington Township 19

16% 39% 25% 19% 1% County Local School Hunterdon Central Township Open Space - Local

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SLIDE 20

The Cost of Running a Municipality

  • Average Tax Bill in Readington:

$11,520 (includes everything)

  • Average Tax Bill for Municipal Services:

$400,000 X .563 = $2,252

Readington Township 20

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SLIDE 21

Readington Township 21

What do you get for $2,252?

  • Police Protection, training, K-9
  • Road maintenance, snow plowing, paving, drainage maintenance
  • Equipment: snow plows, mowers, fire trucks
  • Maintenance of Township owned properties
  • Parks (fields), museums, libraries, open space trails
  • Curbside Garbage & Recycling
  • Boards – Governing Body, Planning, Zoning, Health, Environmental, Open Space
  • Zoning Enforcement
  • Code Enforcement / Fire Inspections
  • Municipal Court
  • Elections
  • Aid to Emergency Services (plus equipment)
  • Animal Control
  • Recreation and Museum programs (summer camp, sports/activity coordination)
  • Licensing: Marriage, Liquor, Food Handlers
  • Affordable Housing Administration
  • Senior Citizen services (trips, transportation)
  • 8,900 acres of preserved land