The 2003 Municipal Budget resulted in a seven cent increase in the municipal portion of the tax rate. This budget increase reflects increases in operations as the result of contractual obligations, market conditions from 2002 as well as a continued focus on homeland security.
Salaries and wages are up $1.72 million dollars or 6.95%. Other expenses are up $805,000 or 7%. Significant items which account for that increase include group health insurance premiums, utility costs, contribution to the Self Insurance Funds and fees paid to the Bergen County Utilities Authority.
$3,380,000 from fund balance was again used in the 2003 budget, the same level as was used in the 2002 budget. We hope that budget operations will return at least $3,380,000 back to fund balance by the end of 2003 for use in the year 2004 budget. In addition the Township received $50,000 in discretionary aid used to offset taxes.
Capital improvements planned for 2003, as detailed in Schedule D, reflect a $174,500 decrease from the 2001 appropriation. The following projects have been included:
As a result of the permanent financing of the balance of the loan for the Richard Rodda Community Center addition in 2002, there are no note payments due in 2003.
Our annual contribution to the State administered police and fire retirement system and public employee retirement system was not required in 2003 as a result of legislation enacted in prior years. However, we anticipate these payments will be required in the near future. Payments for deferred charges to future taxation and Social Security were budgeted for in the Deferred and Statutory portions of the municipal budget.
The Township is continuing its multi-year upgrade of municipal facilities with the long awaited construction of a new public works facility in the near future. Continued review of upgrading or replacement of our remaining buildings including Fire Headquarters and the Municipal Building, is still in process. Teaneck continues to have the bonding capability to meet the challenge for funding these improvements.
Please do not hesitate to call me at 201-837-4807or stop in to see me, during regular business hours, or e-mail me at admin@teanecknjgov.org if you wish further explanation on the 2003 Municipal Budget or need assistance on any other matter.
Helene V. Fall
Municipal Manager