T.F. budget calls for 2.4 percent tax increase
Taxes would rise by 1.8 cents per $100 over last year
BY LINDA DeNICOLA
Staff Writer

TINTON FALLS - A $19.9 million dollar budget for 2007 was introduced at last week's Borough Council meeting.

The $19,920,819 spending plan calls for a 2.3 percent increase over last year's budget of $19,476,676, which equates to a $441,143 difference. According to Stephen Pfeffer, the borough's chief financial director, the tax levy would go up from $9,516,865 in 2006, to $9,900,138 in the new budget and the municipal tax rate would go up 2.4 percent, from 75.5 cents per $100 of assessed valuation to 77.3 cents.

The hearing on the budget is scheduled for April 10.

Council President Brendan Tobin said, in real dollars, the new budget translates to about $18 more in taxes annually for each $100,000 of assessed value. For a home valued at $1 million, that amounts to $181 in added annual taxes.

Pfeffer explained that most of the houses in the borough are assessed at between $150,000 to $600,000. A home valued at $300,000 would pay an additional $54 in taxes annually.

But, Pfeffer said that is just the municipal portion and does not include the other components such as school and county taxes.

Tobin was happy with the budget.

"This is a far cry better than last year, when we had to cover a massive budget gap with a 26 percent increase. Every department cut their budget by at least 10 percent for the coming year, without cutting services, and we've found all sorts of ways to trim spending and improve our financial picture, from health insurance to charging more realistic fees to developers so we don't foot their bills any more," Tobin said.

In a prepared statement, Mayor Peter Maclearie said he and the council have followed through on their goal of stabilizing taxes in future years.

"Our administration, with the support of the borough council, has been very busy making needed changes, handling countless issues, and implementing ways to cut costs without cutting services," he said.

He explained that last year, they implemented a fiscal plan with the hopes of limiting future increases to the cost of living increases in the state.

But, he added, the borough will continue to look for cost savings through improved processes and shared services, as well as increased fees as a way to offset the costs of providing the corresponding services.

Tobin noted that in Tinton Falls' Faulkner Act form of government, the budget is compiled by the mayor and the administration and the council gets to see it when it is introduced.

"We as a council now have a chance to review the budget and make recommendations for any further cuts, but we've been in that mindset for nearly two years already, so we're on it with this budget, too."