The Redevelopment Agency introduced a $1.795 million budget for 2015 at its Oct. 1 meeting.
Tag Archives: budget
City Council approves two more tax judgments
City Council approved tax refunds for two more commercial properties that won tax judgments for 2012 and 2013. The governing body approved AR-112-14 at its regular meeting May 12.
Continue reading City Council approves two more tax judgments
Public hearing on budget slated for Monday
The City Council will hold a public hearing on the 2014 municipal budget during its meeting on Monday before giving final approval on the $51.8-million spending plan. The governing body is also scheduled to approve the Rahway Arts District‘s annual $130,000 budget, derived from the Special Improvement District (SID) tax.
The 2014 budget, introduced by City Council at its March 10 meeting, projects an increase of $43 in municipal property taxes on the average property, assessed at $133,000.
Preliminary budget projects $43 tax hike
The City Council on Monday night introduced a $51.83-million budget for 2014 that would increase the municipal portion of the average property tax bill by about $43.
A public hearing and final approval is scheduled at the City Council’s April 14 regular meeting. In the meantime, the budget will be sent to the state for technical review, Chief Financial Officer Frank Ruggiero told council members Monday night. He described it as a very aggressive budget that increases taxes about 1 percent over last year, staying under a state-imposed 2 percent cap. UPDATE: A copy of the budget can be found here. Continue reading Preliminary budget projects $43 tax hike
10-percent water hike coming for upgrades
Part 2 of 2
A 10-percent increase in water rates would help the city’s water utility ween itself off tax dollars in the near term and help pay off the debt over the next 20 years to fund upgrades at the nearly century-old water treatment plant on Westfield Avenue. The average Rahway homeowner likely would see their water bill go up by about $40 annually, from about $432 to $472 per year.
Upgrade likely for aging water treatment plant
Part 1 of 2
Presented with three options to address the city’s aging water treatment plant on Westfield Avenue, the City Council likely will approve a $1.4-million bond ordinance (O-34-13) to cover preliminary costs of upgrading the nearly century-old facility.
Continue reading Upgrade likely for aging water treatment plant
Rental building added $2m to assessed value
Perusing some tax and property records yielded an interesting morsel of information about Brookside at Rahway, the 50-unit apartment complex on St. Georges Avenue that opened last year.
Continue reading Rental building added $2m to assessed value
City Council amends budget
City Council on Monday night amended the city budget by resolution (AR-87-13), held the required public hearing on the spending plan, but will approve the budget as amended at its meeting next month.
Chief Financial Officer Frank Ruggiero explained that an amendment is necessary if:
– There is an increase or decrease of 10 percent in a budget appropriation;
– A new appropriation is added that is equal to more than 1 percent of the budget;
– The tax levy is increased or decreased by 5 percent.
In this case, it was the first item, an increase or decrease of 10 percent in a budget appropriation. Specifically, $20,000 was reduced in the Department of Law for salaries and wages, related to the public defender and , along with changes to some six line-items in the budget, which reduced the tax levy by about $32,000, from $34.47 million to $34.44 million. The tax levy is about 2.95 percent, or $985,000, more than last year’s tax levy. In all, the budget stands at $50.77 million.
The change will mean an average tax increase of about $113, versus the originally proposed $116, for the average assessed home in Rahway ($133,000). The municipal budget comprises about 40 percent of the overall property tax bill.
The City Council also unanimously adopted a budget for the Special Improvement District (SID) in the amount of $130,000, which funds the Rahway Arts District.