Township of Montclair 2018 Budget Public Hearing March 20, 2018 - - PowerPoint PPT Presentation

Township of Montclair 2018 Budget

Public Hearing – March 20, 2018

Assessed Value and Tax Rate

The proposed budget will increase the municipal tax levy by 1.85% in 2018. The estimated residential municipal tax bill increase of an average home valued at $626,100 is $81.

Percent Change- '17-18

2018 2017 2016 2015 Total Assessed Valuation 22.832% 7,039,054,800.00 5,730,624,400.00 5,718,760,800 5,743,231,038 Municipal Tax Levy 1.85% 55,095,563.11 54,094,809.14 52,801,180 52,420,490 Library Tax Levy 3.22% 2,436,052.50 2,360,017.00 2,273,956 2,244,164 Este School Tax Levy 2.15% 123,368,537.94 120,767,468.05 117,304,698 112,856,034 Est County Tax Levy 0.74% 37,030,664.31 36,758,973.60 35,405,642 34,971,400 TOTAL Tax Levy 1.85% 217,930,817.86 213,981,267.79 207,785,477 202,492,088 Estimated Average Residential Valuation 626,100 510,600 504,500 504,269 Municipal Tax Rate

• 17.08%

0.783 0.944 0.923 0.913 Library Tax Rate

• 15.97%

0.035 0.041 0.040 0.039 School Tax Rate

• 16.83%

1.753 2.107 2.051 1.965 County Tax Rate

• 17.99%

0.526 0.641 0.619 0.609 Total Tax Rate

• 17.09%

3.096 3.734 3.633 3.526 Total Residential Avg Tax Bill 1.67% 19,384 19,066 18,331 17,779

Average Est. Residential Tax Bill-Muni Services

4,901 4,820 4,658 4,603

Average Est. Residential Tax Bill Increase-Muni Services

81 162 55

Note: County and School numbers for 2018 are for illustrative purposes.

25% 1% 57% 17% Municipal Tax Levy Library Tax Levy Este School Tax Levy Est County Tax Levy

Essential Services – What you get for $4,901

• Public Safety

112 Police Officers, 16 Dispatchers, 55 Crossing Guards 88 Fire Fighters

• Public Works

Road Maintenance Garbage Collection Public Buildings & Grounds Maintenance Parks & Recreational facilities maintenance Equipment and Fleet Maintenance

• Land Use Administration

Planning & Zoning Code Enforcement Uniform Construction Code

• General Government

Administration

Information Technology Human Resources

Finance

Revenue Collection Tax Assessor Accounting Purchasing & Accounts Payable Payroll

2018 Revenue Sources

9% 12% 3% 76% Surplus Local Revenues State Aid Proeprty Taxes

Revenue Category 2017 2018 $ Change % Change Surplus Anticipated 3,935,000 4,750,000 815,000 20.71% State Aid 2,967,066 2,967,066 0.00% Fees, permits, etc. 3,645,000 4,144,895 499,895 13.71% PILOT Revenues 2,685,250 3,004,333 319,083 11.88% Uniform Construction Code Fees 917,000 927,000 10,000 1.09% Interlocal Services 947,260 1,020,000 72,740 7.68% Federal, State, County and Local grants 542,923 201,214

• 341,709
• 62.94%

Surplus anticipated from Gen Capital Fund and

• ther Utilitties

2,601,800 2,654,576 52,775 2.03% Other Micsellaneous(alarm fees, etc.) 1,090,063 1,127,837 37,775 3.47% Miscellaneous Revenues Anticipated 19,331,362 20,796,921 1,465,559 7.58% Delinquent Taxes 2,200,000 1,800,000

• 400,000
• 18.18%

Total Miscellaneous Revenues (Sheet 11, Item 5) 21,531,362 22,596,921 1,065,559 4.95% Tax Levy (Sheet 11, Item 6a) 54,094,809 55,095,563 1,000,754 1.85% Library Tax Levy (Sheet 11, Item 6c) 2,360,017 2,436,053 76,036 3.22% Additional School Tax revenue for Debt Service 8,130,920 7,352,894

• 778,027
• 9.57%

Total Tax Revenue 64,585,746 64,884,509 298,763 0.00 Total General Revenues (Sheet 11, Item 7) 86,117,108 87,481,430 1,364,322 1.58%

Appropriations Summary

Appropriations Categories 2017 2018 $ Change % Change Salaries & Wages $ 35,611,786 $ 36,632,086 $ 1,020,299 2.87% Health Insurance $ 6,930,767 $ 6,837,000 $ (93,767)

• 1.35%

Social Security $ 1,264,782 $ 1,302,725 $ 37,943 3.00% Pensin - PERS $ 1,266,695 $ 1,296,752 $ 30,058 2.37% Pension - PFRS $ 5,511,515 $ 5,467,460 $ (44,055)

• 0.80%

Accumulated Absences $ 100,000 $ - $ (100,000)

• 100.00%

Total Employee Compensation $ 50,685,544 $ 51,536,023 $ 850,479 1.68% Other Expenses $ 10,145,951 $ 9,938,752 $ (207,200)

• 2.04%

Library Appropriation $ 3,418,093 $ 3,418,093 $ - 0.00% Interlocal Services $ 885,222 $ 905,942 $ 20,720 2.34% Capital Improvements $ 300,000 $ 400,000 $ 100,000 33.33% Grants $ 570,158 $ 207,278 $ (362,880)

• 63.65%

Debt Service & Def charges - General $ 8,650,525 $ 9,142,450 $ 491,925 5.69% Debt Service & Def charges - School $ 8,130,920 $ 8,544,894 $ 413,973 5.09% Total Debt Service & Def charges $ 16,781,445 $ 17,687,343 $ 905,898 5.40% Emergency Appropriations $ 200,000 $ 200,000 $ - 0.00% Reserve for Uncollected Taxes $ 3,130,695 $ 3,188,000 $ 57,305 1.83% Total Appropriations $ 86,117,108 $ 87,481,430 $ 1,364,322 1.58%

59% 11% 4% 1% 20% 4% S&W and Benefits Other Expenses Library Appropriation Interlocal Services Grants Capital Improvements Debt Service

Debt Management & Capital Goals

CONTINUE OUR FOCUS ON N OVERALL DE DEBT RE REDUCTION

• Balance priorities & structure debt issuance (authorization) to keep the

debt service appropriations stable

• Multi-year (6-year) financing plan

Road Improvements Trucks and Heavy Equipment Public Works Tools and Equipment Park and Playground Improvements Public Safety Equipment Information Technology equipment and upgrades

Effect on Outstanding Debt

Beginning Debt Balance $171,600,000 Budgeted General & School Debt Service (principal only) 12,450,000 Budgeted Utility Debt Service (principal only) 2,750,000 Total Pay-downs 15,200,000 Estimated New Issues New Issue - General Obligation 9,800,000 New Issue - School 3,400,000 Total New Issues 13,200,000 Estimated Ending Debt Balance 169,600,000