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Readington Township

To insert your company logo on this slide From the Insert Menu Select “Picture” Locate your logo file Click OK To resize the logo Click anywhere inside the logo. The boxes that appear outside the logo are known as “resize handles.” Use these to resize the object.

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Readington Township

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  1. To insert your company logo on this slide • From the Insert Menu • Select “Picture” • Locate your logo file • Click OK • To resize the logo • Click anywhere inside the logo. The boxes that appear outside the logo are known as “resize handles.” • Use these to resize the object. • If you hold down the shift key before using the resize handles, you will maintain the proportions of the object you wish to resize. Readington Township 2004 BudgetHighlights

  2. Municipal Rate Over Time

  3. Overall Rate Over Time

  4. Change in Tax Rate • 2003 Rate $1.96 • 2004 Rate $2.05 • Increase by 4.6%

  5. Budget Revenues • From Surplus Down $500,000 • State Aid No Increase • Code Revenues Down $120,000 • Investment Interest Down $45,000

  6. Municipal Surplus

  7. Budget Increases • Salaries $366,000 • Legal Services $100,000 • Insurance $ 79,000 • Electricity $ 55,000

  8. Municipal Debt • 2002 $35.7 million 1.64% • 2003 $34.8 million 1.44%

  9. Municipal Tax Rate Assessment $2,792,000,000 Divided by 100 = $27,920,000 Budget Requirement $7,925,482 $7,925,482/$27,920,000 = $0.284

  10. Breakdown of Tax Rate

  11. Uncollected Reserve Example Calculation Funds Needed $50,000,000 Expected Collection Rate 98% $50,000,000 / .98 = 51,020,400 RUT is the difference - $1,020,400

  12. 2004 Overall Tax Rate • County 42¢ • Local School 86¢ • High School 47¢ • Municipal 30¢ • Total Rate $2.05

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