West Windsor Council unanimously approved a municipal budget for 2006 on Monday, June 26, that calls for an 8 percent increase in municipal taxes.##M:[more]##
The budget, as initially proposed to council by administration in April, is a $31.4 million spending plan — up from the $29.05 million 2005 budget.
The package calls for a municipal tax rate of 27 cents per $100 of assessed valuation, up 2 cents from the converted 2005 rate of 25 cents. A conversion from last year is necessary because of the township’s recently-completed property revaluation. Last year’s actual rate was 59 cents.
The overall tax rate — including municipal, WW-P School District, Mercer County, library, and open space taxes — will be $1.91 per $100 of assessed valuation. Last year’s rate was $4.26. (See story on re-valuation, page 16.)
At $1.91, the owner of a home assessed at the township average of $575,”200 would pay $10,”986 for all property taxes this year. At last year’s tax rate, a home assessed at the 2005 township average of $239,”500 would have paid a total of $10,”203 in property taxes.
The municipal portion of the bill would be $1,”553 for the home assessed at the township average this year under the proposed budget, as opposed to $1,”413 for a home assessed at the township average value of $239,”500 in 2005.
Major spending increases this year include $680,”454 more for salaries and wages; $367,”809 for deferred charges to fund capital items not bonded; $182,”509 for debt service; $267,”664 for pensions; $143,”000 for trash collection; $127,”000 for group insurance.
Also, $93,”120 to the Stony Brook Regional Sewerage Authority; $75,”000 in the reserve for uncollected taxes; $75,”000 for gas; $45,”896 for social security, $50,”000 for capital improvement downpayments; $30,”000 for street lighting; $25,”773 for worker compensation insurance; and $25,”000 for electricity.
The amount of retained surplus this year is about $2.3 million — 7.4 percent of the overall budget. According to Mayor Shing-Fu Hsueh, the number is up from last year’s 5 percent in anticipation of tax appeals resulting from the revaluation. The 5 percent figure is recommended by Moody’s Investor Service in order to retain a favorable bond rating.
