RIH 2011-12 Budget At A Glance

Voters will go to the polls this afternoon to vote on the Ramapo-Indian Hills Board of Education 2011-12 budget, which reflects a 2.56 percent increase in spending and a 0.52 percent decrease to the tax levy.

In order to pass, the $49 million budget needs a cumulative majority from the three sending municipalities of Wyckoff, Franklin Lakes and Oakland. 

If approved in today's vote, residents in Oakland  will pay about $36 less and Franklin Lakes will pay about $41 less for the average home.Wyckoff residents will see a $90 increase on a home assessed at $810,600, the township’s average.

These figures represent a cost savings over the proposed budget. The increase in spending was reduced from 2.83 percent to 2.56 percent, and the decrease to the tax levy went up to a .52 percent decrease from a .24 decrease.

Franklin Lakes and Oakland boroughs each underwent a tax reassessment last year, in which home values in both communities dropped. The average home in Oakland decreased in value from $485,600 last year to $407,800. The average Franklin Lakes home decreased from $1,280,901 last year to $1,032,252.

Increased costs include instruction, employee benefits, capital outlay and capital reserve.

Thanks to $481,067 in state aid, the total amount to be raised by taxation is decreasing by $108,005; of that, $43,334 is for the general fund and $64,613 for debt services. 

Editor's note: Figures published early today did not reflect the additional budget cuts and cost savings.