Council Adopts 2018 Budget – UPDATE: TAX RATE “STRUCK”
Burlington County recently adopted their 2018 Budget and as a result they have now been able to “strike” the Tax Rate. These rates will be reflected in your next Tax Bill due to be mailed Wednesday, August 1, 2018. The grace period has been extended until Monday, August 27, 2018. Payments received after August 27, 2018 will have interest charged back to August 1, 2018.
Q: How is the Tax Rate calculated?
A: The amount to be raised by taxation is divided by the net taxable valuation (value of all taxable property) divided by 100.
And who’s spending your tax dollars?
Original Post: May 4, 2018
At the conclusion of the Saturday, March 17th Budget Work Session, Borough Council Introduced the 2018 Municipal and Sewer Utility Budgets.
After a Public Hearing at the Regular Borough Council Meeting on Monday, April 16th the 2018 Budget was Adopted.
Following is a summary…
The 2018 Budget increases the Local (Municipal) Tax Rate to $1.224 per $100 of assessed valuation, up 2.389¢ over last year — a 1.99% increase.
For a home assessed at the 2018 Borough average of $147,600 the increase amounts to $35.26 per year ($8.81 per quarter / $2.94 per month) over last year for a home with an assessed value of the same amount. This increase is well within state-mandated caps.
The total Local Purpose Tax to be paid by the average homeowner this year is $1,806.83. By way of comparison, that’s a 4.7% increase over the local purpose taxes paid by property owners in 2014 — just $81.35 over four years.
While the total 2018 Budget is $8,717,934 (including grants totaling $170,118), after anticipating all revenue sources including state aid and surplus the total amount to be raised through taxation for all Borough operations stands at $5,840,593, or $114,217 over 2017.
The Borough utilized $940,000 in Fund Balance (surplus) this year to reduce the Local Purpose Tax, plus an additional $300,000 was utilized to pay down debt sooner than required, while still maintaining $1,652,621 in Fund Balance for use in future years. Maintaining a healthy surplus, combined with responsible, strategic use of these “rainy day funds”, contributes to the Borough’s strong financial position and long-term tax stability.
This Budget maintains or expands all existing services and includes a 2% increase for staff.
For specific details see the 2018 Budget by selecting the link below;
The 2018 User Friendly Budget and other important information is posted on our Finance webpage.
Sewer Utility Budget
The 2018 Sewer Utility Budget stands at $1,875,726, with spending on waste water treatment and operations, debt service, and salaries down a total of $26,003 from the prior year.
A driving factor in the Sewer Utility Budget remains the debt service associated with the previously completed $3.4 million Sludge Thickening and Odor Control Improvement Project at the Sewer Plant.
The improvements included major equipment upgrades and the latest sewage treatment technology. In addition, the life of the Sewer plant was extended an additional 50 years.
The amount of Sewer surplus utilized was $237,465 leaving $351,888 available for use in future Sewer budgets.
The Sewer Utility Budget maintains or expands all existing services and includes increases for the three full-time and two part-time Sewer Utility employees.