Municipal Budget on Hold Until Late May or June

The proposed 2011 municipal budget may not be adopted until late May or early June according to Borough Administrator and Chief Financial Officer Mike Kronyak.

Kronyak explained during the work session meeting Tuesday night that the borough is still waiting for some information from the state before they can go forward with the proposed budget. He stated that he expects to introduce an amended budget at the next May meeting or sometime in June.

The proposed budget as it stands now is in the amount of $18,429,052 with a tax levy, which is the amount actually funded by taxpayers, of $14,569,290, a 4.2 percent increase which was attributed to several factors including loss of revenue and surplus and increase in health insurance and pension costs.

During the last month, Kronyak stated that the finance committee continues to meet regarding the budget and was prepared to make further recommendations and would consider everything including restructuring and reducing staff.

In addition, the borough is planning to make an application to the Bergen County Board of Taxation and the Division of Taxation to make a district-wide reassessment of borough property for the 2012 tax year.  Kronyak stated that this would be done in order to adjust property value to current conditions. An analysis would be done of sales of property verses property value as far back as the past three years with the last year showing the difference between sales verses assessed value.

He explained the process would take a few months. Presuming they are authorized to go ahead with the project, the program would be conducted over the summer so by fall  they could see value changes for 2012.  Kronyak stated he does not know what the final numbers would be.