Little Silver introduced its municipal budget for 2013 and while there are a lot of variables -- like tax rates and the borough's current revaluation -- to consider, the bottom line is that tax bills should increase about $150 annually for the owner of the average-assessed $500,000 home in town.
The borough will raise about $6.6 million of the approximately $12 million general budget through property taxes and another $5.45 million through anticipated revenue other than property taxes, according to Laura Geraghty, Little Silver's chief financial officer, at the March 18 council meeting.
Councilman Don Galante explained that the $150 increase would include the entire tax bill -- including local and regional schools, county and open space -- "provided everyone stays at the 2-percent level." All numbers are tentative until aid is determined and the borough portion of the tax bill is about $50.
The 2013 tax levy is $129,000 -- or a little under 2-percent -- of last year's amount of the budget that will be raised through property taxes.
Geraghty went through the budget line-by-line at Monday's meeting with the mayor and council and explained causes for some of the shifts in the borough's spending, like an increase in police salaries but health benefit costs decreased.
"Other towns are getting rid of services," Geraghty said towards the end of her presentation, "but Little Silver remains status quo."
A public hearing will be held for the 2013 budget on April 15 at 8 p.m. in borough hall.
