The Plainsboro Township administration presented a proposed 2016 budget at the February 24 committee meeting that features a 3.7 percent increase over the 2015 budget. The 2016 budget will be formally introduced at the committee meeting on Wednesday, March 23.
The proposed 2016 budget totals $27.45 million, or roughly $1 million more than the 2015 budget.
This year’s tax reassessment increased the average household assessment 17 percent from $386,119 in 2015 to $451,588. The reassessment completed in 2015 was a follow-up to a 2005 revaluation. Based on the new average home value of $451,588, the administration estimates an annual municipal tax increase of $48.
The total rateable for 2016 is $4.643 billion, representing a $862 million, or a 22.8 percent, net assessed value increase.
Capital projects on tap for 2016 include: four tennis court improvements in Plainsboro Park, two dugout replacements in Community Park, crosswalk improvements at Maple Avenue, and paving municipal parking lots.
The police department will also receive improvements for body cameras and automatic license plate readers.
The proposed budget uses $2.78 million in surplus, leaving a reserve of $747,990, or 3 percent of net operating revenue.
The main expense increases this year include: $354,054 for salary and wages; $300,000 for capital improvement; $150,000 for debt service pre-payment; $110,000 for bond principal; $89,933 for medical insurance (3.9 percent premium increase); and $82,010 for road salt (increase from $60 per ton to $71).
The main decreases include: $105,900 for bond interest; and $174,000 for tax assessor and human resources. UCC revenues also decreased $224,000.
The 2016 library budget of $2 million is a 1.37 percent increase over 2015.
The municipal levy accounts for 15 percent of one’s property taxes. When asked what the proposed 2016 municipal tax rate is, township administrator Anthony Cancro wrote via E-mail that no tax rate was discussed because of the reassessment.
