FAIR LAWN, NJ – The borough introduced a $54.2 million 2020 Municipal Budget February 25 which will exact a 0% tax increase for the third year in a row.
A public hearing on the budget and tax resolution, which represents one-third of a property owner's tax bill, will be held 7:30 p.m. March 24 at the municipal building, 8-01 Fair Lawn Avenue.
"There is no municipal tax increase in 2020 because the 2020 budget was offset by using additional surplus and reserves," Fair Lawn Borough Manager Jim Van Kruiningen said in an email to TAPinto.
"This is all we need at a price we can afford," councilwoman Gail Rottenstrich said on Feb. 25 at the budget introduction.
The borough's average assessed home is $332,371. The municipal tax rate on $100 of assessed value is $0.896, according to Van Kruiningen.
The anticipated amount of taxes to be raised in support of the budget is $38,112,865.
Spending has increased more than $3 million over 2019’s budget which totaled $51,203,171. Total anticipated expenditures for 2020 are $54,230,742.
The largest expenditure item listed in the budget is salaries and wages, $21.6 million, up $910,965 over 2019. There continues to be 164 full-time employees who work for the borough, same as 2019.
Along with the municipal budget is the 2020 Dedicated Water Utility Budget. Anticipated revenues are up from 2019’s $7,660,000, which includes $1.5 million in surplus, to 2020’s anticipated revenue of $7,939,810, of which $1,668,000 is surplus. Surplus in the water utility budget has increased $279,810 from 2019 to 2020.
Fair Lawn’s municipal debt in 2020 is $17.3 million. The water utility debt in 2020 is approximately $5 million.