Conforms With 2% Cap Levy Law
MIDDLETOWN – The 2011 municipal budget introduced by the Township Committee last night is 4.5 million or 6.8% less than the total 2010 budget and conforms to the State’s new 2% cap levy law.
“Middletown’s proposed municipal budget is very austere and in full conformance with the new 2% cap levy law despite the Legislature’s continued failure to enact the Governor’s tool kit reforms that would empower the Township to make further cuts,” said Middletown Mayor Tony Fiore. “We are hopeful to continue to rein in spending through ongoing negotiations with the Township’s collective bargaining units with a focus on decreasing the Township’s health care costs.”
“Cuts in the proposed budget include the layoffs of 26 employees, including 10 police officers, and the third consecutive year of salary freezes for the Township’s managerial employees,” continued Fiore. “Middletown will continue to focus on core governmental functions while seeking other ways to continue to reduce costs though interlocal agreements and the Township’s solar initiative that is currently under way.”
The proposed 2011 budget anticipates an increase in the total tax levy of $1,357,855 which complies with the new 2% cap levy law and will cost the average Middletown homeowner approximately $5 per month.
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Before the recent reassessment the township’s total net taxable value was $11.383 billion, the average home in Middletown was assessed at $435,000 and the tax rate was 39.8 cents per $100 of assessed valuation. Using pre-reassessment calculations, the 2011 tax rate would increase 1.2 cents to 41.0 cents per $100 of assessed valuation. The completed reassessment has reduced the total net taxable value of the township to $9.898 billion and the average house assessment to $380,000.
The 2011 introduced budget can be viewed at www.middletownnj.org. A Public Hearing on the 2011 Municipal Budget has been scheduled for May 2, 2011 at 8 p.m. in the conference room at Town Hall, 1 Kings Highway.