EXPLANATORY STATEMENT - (Continued)
| EXPLANATORY STATEMENT - (Continued) |
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| BUDGET MESSAGE |
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| Property Tax Levy Cap Calculation 2010: | | PROPERTY TAX LEVY CAP |
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| Prior Year Amount to be Raised by Taxation | $24,453,967 | Chapter 62, Public Laws 2007 places a 4% limit on the amount the municipality can increase its tax-levy. |
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| Less: Prior Year Recycling Tax | 11,567 | The tax levy cap calculation is subject to various exclusions such as changes in debt service, State Aid formula loss, Certain Pension increases, Capital Improvements |
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| Net Prior Year Tax Levy for Municipal Purpose Tax for Cap Calculation | 24,442,400 | Fund Appropriations and various other exclusions. The law also allows for various adjustments such as the value of new ratables. Additionally, the law allows for waivers as approved by the Local Finance Board. If a waiver application is rejected the municipality may put those waiver items to referendum. |
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| Plus: 4% Cap Increase | 977,696 | | |
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| Adjusted Tax Levy Prior to Exclusions | 25,420,096 | | |
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| Exclusions: | | The calculation on this page demonstrates the Borough's compliance with the property tax levy cap law. |
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| Changes in Debt Service and county leases | (289,077) | | |
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| Allowable Pension Increases | 95,631 | | |
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| Allowable Increase in Health Care Costs | 357,050 | | |
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| Recycling Tax Appropriation | 12,000 | | |
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| Deferred Charges to Future Taxation Unfunded Capital Improvement Fund | 143 | | |
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| 100,000 | | | |
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| Add Total Exclusions | 275,747 | | |
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| Less Cancelled Exclusions | 7 | | |
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| Adjusted Tax Levy | 25,695,836 | | |
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| Additions: | | | |
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| New Ratable Adjustment to Levy | 105,569 | | |
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| Maximum Allowable Amount to be Raised by Taxation | $25,801,405 | | |
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| Amount to be Raised by Taxation for Municipal Purposes | $25,585,255 | | |
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MANDATORY MINIMUM BUDGET MESSAGE MUST INCLUDE A SUMMARY OF:
HOW THE "CAP" WAS CALCULATED. (Explain in words what the "CAPS" mean and show figures)
A SUMMARY BY FUNCTION OF THE APPROPRIATIONS THAT ARE SPREAD AMONG MORE THAN ONE OFFICIAL LINE ITEM
(e.g. If Police S&W appears in the regular section and also under "Operations Excluded from "CAPS" section, combine the figures for purposes of citizen understanding.)
(See Management Section of Budget Manual