COLTS NECK, N.J. - The Colts Neck Township Committee passed by unanimous vote the 2017 Municipal Budget during the Township Committee Meeting held on April 26, 2017.
The minutes of the meeting included a budget message from Mayor Russell Macnow as follows:
- The total 2017 municipal budget is $12,232,664, This amount is inclusive of the $360,239 that will be raised by the dedicated open space tax of 1.2 cents
- The municipal purpose tax rate will increase by .812 cents this year
- For a home assessed at $800,000, this represents an increase of $64.94 in property taxes for the year.
- The budget is under the tax levy CAP and the appropriation CAP.
- $1,316,000 of surplus funds have been utilized to offset the budget, leaving over $660,000 for next year or future use.
- State Aid remains the same as last year and totals $1,980,938.
- $7,478,474 will be raised in property taxes to support the budget compared to $7,208,073 last year.
- Most operating budgets remained roughly the same as last year.
Information on the major expenses within the budget and and explanation of their 'pay as you go' capital program can be found here: http://www.colts-neck.nj.us/wp-content/uploads/2010/08/TC-Mtg-Min-042617.pdf