Township of Millburn Budget Introduction February 20 2018

Township of Millburn Budget Introduction – February 20, 2018

Budget Analysis • • • Amount to be Raised by Taxation = 0 % increase Total municipal budget $58, 082, 642 What are the “drivers” • Insurance • Health, Workmen's Compensation, and General Liability • Capital Improvements • Micro-paving of various Township roads • Sewer Pump Station Improvements – Mohawk and Slayton • Radios upgrades for Police and Fire • Mill and pave of Willow/Bleeker

BUDGET SUMMARY Appropriations Revenues Municipal Taxes • Within CAP = $44, 503, 368. 98 (76 %) • Outside CAP = $13, 579, 273. 46 (24 %) • Total = $58, 082, 642. 44 • = 7% increase • • General Revenues = $7, 584, 392. 00 (13%) Surplus Anticipated = $4, 843, 677. 00 (8%) Amount to Be Raised = $42, 200, 406. 44 (73%) Library = $3, 454, 167. 00 (6%) • Rate = $. 431 • Amount To be Raised = $42, 200, 406. 44 • = 0% increase

Budget Summary - Appropriations Remaining Items • $4, 253, 152. 85 (Capital and RUT) • 7. 32% Discretionary Non-discretionary • $6, 551, 499. 21 • 11. 28% • $47, 277, 990. 39 • 81. 40%

BUDGET SUMMARY-General Revenues Local Revenues ($2, 192, 000) • ABC • Fees & Permits • Licenses • Interest • Golf, Recreation, Pool • Court • Construction State Aid and Grants (2, 428, 523) • Energy Tax Receipts • Municipal Alliance • Various Public Safety • Clean Communities Other (3, 023, 869) • Joint Meeting • Hotel Tax • Cable Franchise Fees • Capital Fund Balance/Reserve for Debt Service • Other Trust Funds • Receipts from Delinquent Taxes

What do I get for my dollar? GENERAL GOVERNMENT $0. 13 PUBLIC SAFETY $0. 27 MUNICIPAL SERVICES $0. 24 CAPITAL/DEBT $0. 08 GENERAL GOVERNMENT STATUATORY PUBLIC SAFETY CAPITAL/DEBT STATUTORY/INSURANCE $0. 29 MUNICIPAL SERVICES

DEBT SERVICE COMPARISON Debt as a % of Budget RIDGEWOOD MIILLBURN 11. 32% 3. 27% BERKLEY HEIGHTS SUMMIT 10. 68% 7. 27% LIVINGSTON MAPLEWOOD SOUTH ORANGE 16. 25% 12. 86% 12. 44% Rating Agencies view Debt to Budget Ratio – Should be no more than 10% of budget

PROPERTY TAX LEVIES MUNICIPAL TAXES 2018 (Estimated) 2017 % CHANGE $42, 200, 406. 44 $42, 200, 414. 92 0% $87, 258, 218. 46 $85, 547, 273. 00 2. 0% $52, 374, 833. 78 $51, 347, 876. 25 2. 0% $3, 454, 167. 00 $3, 241, 551. 47 6. 6% $185, 287, 625. 68 $182, 337, 115. 64 LOCAL SCHOOL DISTRICT COUNTY TAXES LIBRARY TOTAL TAX LEVY

2018 ESTIMATED PROPERTY TAXES percentage of total levy COUNTY 28% MUNICIPAL 23% LIBRARY 2% SCHOOL 47%

TOTAL PROPERTY TAX BILL COMPARISON (AVG. RESIDENTIAL VALUE = 1, 278, 197. 93) 2018 (ESTIMATED) 2017 MUNICIPAL TAXES $5, 516. 82 $5, 509. 03 LOCAL SCHOOL DISTRICT $11, 407. 19 $11, 171. 45 COUNTY TAXES $6, 846. 91 $6, 710. 54 $451. 56 $421. 81 $24, 222. 48 $23, 812. 83 LIBRARY TOTAL TAX BILL 2018 EST. TOTAL $ TAX EFFECT Increase of 409. 65, or 1. 69%

WHAT’S NEXT ? • Introduce by Resolution – 3/6/2018 • Adoption – 4/17/2018