Franklin Lakes Proposes $39 Tax Increase in 2014 Budget

Franklin Lakes residents could see a 1.95% increase in their municipal tax bills this year, the Borough Council announced via a post on the town’s website last week.

According to the post, the council introduced its 2014 budget on March 4, and a public hearing on it is set for April 1. Average homeowners with a house worth $1,030,000 would see a municipal tax increase of $39 if the budget is passed as-is, the post says.

According to a budget fact sheet released by the borough, most municipal budget areas are actually receiving less money this year than they did last year. Some notable increases, it said, went to the plowing and salt budget because of snow removal costs this winter, and a “modest” 6.65% increase in health insurance costs.

The borough said the budget helps it carry out the following goals:

• Stabilize the use of surplus – Once again, in 2013, the Borough was able to regenerate more surplus than it had budgeted, resulting in an increase in its fund balance as of year end.
• Manage the tax increase to be minimal, under the tax levy cap, but no more than 2%.
• Decrease overall debt. In 2013, the Borough decreased its overall authorized debt by 260,000. Since2008, the Borough’s authorized debt has decreased by nearly $2.5 million, or nearly 15%. In this year’s proposed budget, the Borough will, once again, look to fund recurringcapital expenditures byfunding over $550,000 of capital projects.
• Maintain or improve the level of services while controlling expenses.

Residents can check out the entire introduced municipal budget online.