The Town Council voted to pass the 2004 budget after a public hearing on Tuesday. Few objections were raised at Tuesday’s council meeting as members unanimously voted to approve the $36 million spending plan.
The plan covers town spending from January 1 of this year through December 31 of 2004.
The tax rate for 2004 will remain $10.48 per $1,000 of assessed value, compared to the Hudson County average of $7.75 per $1,000.
This means that a house valued at $158,000 would get a $1,655.84 tax bill.
This is the sixth year in a row that Secaucus has seen no tax increase. This year’s total that the town needs to collect from taxes is actually $344,000 lower than in the 2003 budget of $37.2 million.
The town used $3.7 million of its surplus to offset any tax increases, leaving a surplus of $1.56 million, said Town Administrator Anthony Iacono. Iacono said that the town predicts how much surplus will be needed based on forecasts of two to three years.
“Last year, we were left with $1.6 million after balancing the budget,” said Iacono. “So, this time last year, we were exactly where we were this year and the prior year. Based on the ratable base and other assessments of the last three years, we forecast getting into $5.3 million [in surplus] again.”
Town employees received a 3.4 percent salary increase, which Iacono said is a modest increase. The Police Department is currently in arbitration for a higher increase, which if settled on would be factored into the 2005 budget.
The town also saved money by switching from Blue Cross Blue Shield as their employee health insurance provider to Oxford, saving $1 million over 2 years.
The municipality received additional income from the new hotel tax. The tax was 1 percent for the first year, and will increase to 3 percent starting next year.
Resident Arthur Glazer spoke at the meeting with concerns that certain items, such as money taken in by parking meters, and wondered if planners underestimated the potential income. Last year, meters took in $66,000, while only $50,000 was anticipated for the coming year.
“I noticed a number of places where they could have estimated a little higher,” he said.
Iacono said the town actually uses a conservative approach to budgeting. “We’d rather overestimate and have it be high than underestimate and have a shortfall,” Iacono said.
According to Iacono and Mayor Dennis Elwell, Secaucus is exempt from the normal budget process of seeking approval from the state Department of Community Affairs (DCA) because of their track record in keeping taxes down.
“We received the waiver two years ago because the rate stayed the same,” said Iacono. “The DCA gave a waiver to certain municipalities.”
Town officials expect the ratables to remain or increase in the coming years.
“Most people are buying and investing in Secaucus,” Iacono said. “They’re not moving out.”
Other business
In other business, the Town Council approved a bond ordinance authorizing the reconstruction of the Mill Ridge Road Athletic Field. They also authorized a $150,000 bond ordinance for the town to acquire new, additional, and replacement equipment or machinery, a new automotive vehicle, including original equipment, and new communication and signal system equipment.