River Edge Municipal Budget Calls for Employee Furloughs
Homeowners will be hit with a $234 increase in taxes
Since the last time the River Edge Mayor and Council discussed the budget, they had yet to bring the tax levy under the new 2% state mandated levy cap. But with concessions from employees to take furlough days again this year, homeowners will be hit with a $234 increase rather than the originally projected $292 above cap estimate.
The $14.57 million budget, which was introduced earlier this week calls for an $11.3 million tax levy while paying off approximately $482,000 in the deferral of pension payments so as to avoid paying $300,000 of interest following the state's 15 year maturity schedule.
So far, only the non-union employees have agreed to the furloughs, although the exact number of days has yet to be determined. Last year, municipal employees were furloughed on Fridays.
The average assessed home in River Edge is $436,000. The borough received $1,070,715 in state aid for 2011, which is the same amount received in 2010. A public hearing on the budget will be held in late April.