On Monday night, the Lakewood Board of Fire Commissioners adopted their annual budget, which will once again increase local property taxes. Under a recent law, voters will not have an opportunity to approve or deny this tax increase.
The Fiscal Year 2024 total budget approved tonight reflects total revenues of $12,374,592, of which $12,307,265 will be raised by taxation. The remaining $67,327 will come from interest on investments and deposits, and operating grant revenue.
The Fiscal Year 2023 total budget reflected total revenues of $10,944,234, of which $10,845,907 was raised by taxation. The remaining $98,327 came from interest on investments and deposits, and operating grant revenue.
Accordingly, the total budget will increase $1,430,358. The amount to be raised by taxation will be increased by $1,461,358.
The 2023 tax rate was 0.0995. The 2024 tax rate will increase .0111 to .1106. The tax rate is the amount of money you pay in taxes per $100 of your property's assessed value.
The total assessed value of all property in Lakewood is $11,125,971,900.00. This number x 0.0011061744 = $12,307,265 which is the total amount to be raised by taxation.
A typical new duplex, such as in Oak and Vine, assessed at $560,000, will pay $619.46 in 2024, a $59.46 increase over the 2023 tax of $560.
An older townhouse which is assessed at $417,900 will pay $462.27 in 2024, a $44.37 increase over the 2023 tax of $417.90.
The budget includes a salary of $240,000 for Chief Jonathan Yahr, $185,000 for Administrator Yehuda Beer, and $110,000 for Deputy Administrator Steven Mulholland.
According to budget documents obtained by FAA News, the $1,461,358 or 13.5% tax increase is due primarily to the hiring of 16 new firefighters (to bring the career department to a total of 49 firefighters) and associated contract salary, large health benefit increases, as well as to purchase equipment for the new firefighters. In addition, the defined benefit LOSAP plan is being fully funded for $1,100,000.
Additionally, administrative personnel increased 16.6%, commissioner salaries were increased, operations expenses increased by 18.5% primarily due to fire hydrant rental increases and additional hydrants added, new uniforms will be purchased for the new firefighters and an aggressive advertising and promotion program will be paid. Building and equipment increased by 15.1% primarily due to vehicles being out of warranty and the increased costs of repairs.
This is the first time the Lakewood Fire District's annual budget is topping $12 million.
The Fiscal Year 2022 total budget reflected total revenues of $8,892,315 of which $8,834,988 was raised by taxation. The remaining $57,327 came from interest on investments and deposits, and operating grant revenue.
The total revenue of the 2021 introduced budget is $8,234,037.00, of which, $8,180,170.00 was raised by taxation, and the remaining $53,867 was provided by state aid and interest on investments and deposits. The tax rate for this budget was $0.078.
The total revenue of the 2020 budget was $6,915,734, of which $6,861,867 was raised by taxation, and the remaining $47,327 was provided by state aid. The tax rate was $0.067.
For comparison, over these years a new duplex homeowner would pay:
2020 - $375.20
2021 - $436.80
2022 - $459.20
2023 - $560
2024 - $619.46
And now here's the kicker: Voter approval will not even be required for this tax increase as the Fire District is not exceeding the 2% Property Tax Levy Cap.
Prior to several years ago, the Fire Commissioners held an annual election to ask voters to support or reject their tax increases. However, thanks to a new law, once the Commissioners changed their elections to the November general elections, their budgets no longer require voter approval as long as the Fire District does not exceed the 2% Property Tax Levy Cap, and this budget is not exceeding the 2% Property Tax Levy Cap.
To join a FAA News WhatsApp Group, click here.
To join the FAA News WhatsApp Status, click here.
No comments:
Post a Comment