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By NANETTE LoBIONDO GALLOWAY
MARGATE Added ratables and applied surplus funds will ensure Margate homeowners won't have a tax increase this year.
The Board of Commissioners Thursday, March 5 introduced its $33.8 million municipal budget, which is up 2.79% over last year's amount.
The tax levy, $23,157,230, is up 1.01% or $232,194 more than last year, but a 1.02% increase in the city's total assessed valuation and a healthy reserve ensures the tax rate will remain unchanged.
The city's ratable base increased $37.6 million over the last year for a citywide valuation totaling $3,747,197,700.
The city will apply $3.24 million in surplus funds to the budget, leaving $4.08 million in reserve.
The tax rate will remain at $.618. A homeowner with an average assessment of $539,400 will pay $3,333 for municipal services this year.
Direct employee expenses account for 55.6% of the budget. Contracted salaries and wages are up $97,568 or .77% over last year, according to Chief Financial Officer Lisa McLaughlin.
Salaries and expenses for the Police Department are down $20,157, while the Fire Department will see a $17,900 increase.
Adjustments in staffing account for increases in some salary line items, while others are decreasing due to transfers to other departments, retirements and replacing employees at lower salaries, McLaughlin said.
The cost of state health benefits decreased slightly, and the city budgeted benefit costs for employees who opt out of coverage just in case they come back in, she said.
The line item for the Director of Public Works office decreased $64,000 due to the departure of the mayor's assistant.
Recreation is up slightly, mostly due to new recreational programs being added, she said.
The city also hired an accountant for the Finance Office and another support person.
Debt service is up $597,700 due to new bonds that were issued last year.
We have to start paying that back this year, McLaughlin said.
A public hearing on the budget will be held 4 p.m. Thursday, April 2 at Historic City Hall, 1 S. Washington Ave.
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