Township Council Introduces 2015 Budget

On March 23, the Township Council introduced the proposed 2015 municipal budget and set May 4 as the date for public hearing.

 

Appropriation Summary

The 2015 proposed General Fund budget is $818,506, or 1.9% lower compared to the 2014 adopted budget. This decrease is due to a reduction of $875,000 in the appropriation for tax appeal refunds, which is funded by surplus accumulated in prior years, and a decrease of $590,900 in debt service obligations.  However, excluding these appropriation, total proposed spending is $647,394 higher than 2014 – an increase of 1.9%.

 

Revenue Summary

Revenues anticipated to fund operations in 2015 will decrease by $1,796,738 compared to 2014. Of this total amount, surplus used to fund tax appeal refunds will decrease by $875,000, and debt service reimbursements will be reduced by $660,668 due to lower debt service obligations in 2015 compared to 2014. Also, anticipated revenues from surplus to fund operations will decrease by $275,000 as the Township continues progressing toward its goal of achieving a structurally balanced budget that does not rely on accumulated surplus to fund ongoing operations. Grant receipts, used to fund one-time expenditures, will decline by $84,987 in 2015. Other local and interlocal revenues used to fund services will increase by $98,917, or 2.0% compared to last year.

 

Tax Levy SummaryAvg Homeowner Increase

As a result of the combination of changes in revenues and appropriations, the proposed budget includes an increase of $978,232, or 3.1%, in the local purpose tax levy. Due to net decreases in total ratables, the estimated local purpose tax rate resulting from the proposed 2015 budget is 3.57% higher than 2014. This is an estimated increase of $95.20 for the average Livingston homeowner.

 

 

 

SUMMARY OF PROPOSED BUDGET

2015

2014 Net Change

Percent

REVENUES
Surplus Used for Tax Appeal Refunds

$      445,000

$   1,320,000

$    – 875,000

Debt Service Reimbursements

481,935

1,142,603

– 660,668

Surplus Used for Operations

500,000

775,000

– 275,000

Grants

195,155

280,143

– 84,987

Interlocal Revenues

126,185

133,775

– 7,590

State Payments

2,966,460

2,966,460

0

Other Local Revenues

5,005,291

4,898,784

              106,507

$   9,720,026

$  11,516,765

$   – 1,796,739

APPROPRIATIONS
Tax Appeal Refunds

$      445,000

$   1,320,000

$     – 875,000

Debt Service Obligations

6,572,500

7,163,400

– 590,900

Other Operations

35,421,772

34,774,379

647,393

$ 42,439,272

$ 43,257,779

$    – 818,507

 
IMPACT ON TAX LEVY
Net Changes in Revenues

$   1,796,739

Net Changes in Appropriations

– 818,507

Increase in Tax Levy

$      978,232

3.12%

Changes in Property Assessments

0.45%

Net Change for Average Homeowner

3.57%