At a glance: 2017 New Milford budget – NorthJersey.com

New Milford Borough Hall.(Photo: Philip DeVencentis/NorthJersey.com)

What's new:The Borough Council has proposed a $20.7 million budget for 2017 that would raise municipal taxes by less than 1 percent.

Thebudget isup $162,035, or a fraction of1percent, from last year. It is supported byatax levy of $16.36 million,up $17,059from last year.

What it means:Themunicipaltax rate would remain $1.035per $100 of assessed valuationfor the second straight year.The owner of a home assessed at the boroughs average of $325,511 would see no changetohis or her municipal tax bill of $3,369.

Boroughofficials saythe tax rate is staying flat, in the face of amodesttax levy increase, because theboroughs ratable base ortotal taxable valuation is going up.

Mayor AnnSubrizisaidratablesincreased by more than $11 million over the past two years.

There is a tremendous amount of additions and things going on in the southwest corner of town that could easilyaccount for millions of dollars, she said. We have a lot of people investing in New Milford, and our home values are increasing, so that creates a bigger ratable base.

What's in it:Theproposed budget includes the followingincreases:

Several of the most significantbudget increasesare out of theborough's direct control,Subrizisaid.

About $1.5 million in surplus would be applied to the proposed budget.

Subrizisaid officialsarecontrolling theuse ofsurplus and stretchingcosts formajorprojects, so that residents are not wallopedwithonehuge bill.The proposed budget projects the followingdebt-service payments, including those for bonds, interest and other loans:$1.05 millionthis year, $1.03 millionnext year and $1.02 millionin 2019.

Referring to major projects either finished or ongoing, the mayor said, In spite of the fact that we bonded for the police station, the firehouses and [remediation of] the brook, we did it at a time when all of our other debt was paid off. Andwe were able to spread it out in a moderate fashion, at a very low interest rate.

Theborough will receive $1.62 million instate aid this year, the same amount it received last year.

What's next:A public hearing on the2017 budget will be Monday at 8 p.m.at Borough Hall, at930 River Road.The council is also expected to vote on adoption of the budget that night.

Email: devencentis@northjersey.com

Read or Share this story: https://njersy.co/2pVSzwb

See the rest here:
At a glance: 2017 New Milford budget - NorthJersey.com