45-15 SID Budget Narrative 2015.pdf

1 2015 Budget Narrative Revenue This year’s recommended budget totals $220,000 and remains the same as last year’s budget. The revenue is based on a combination of Special Improvement Assessments, Township of West Orange Contributions, Fundraising Efforts and Fund Balance from the 2013 budget year. The assessment portion totals $104,644.551 and is determined utilizing a 3 tier system as authorized by the ordinance2. The tiers are based on the type of commercial properties located in the downtown corridor. There are a total of 181 property owners that provide commercial/retail space to over 300 businesses. These businesses consist of Restaurants, Retail Stores and Personal & Professional Services Companies. The rate of assessment for each property remains unchanged from last year. This year’s income is broken out into the following categories; Township contribution of Cash and In-Kind3 Services, Fundraising Efforts generated from the Mayors 5K Run, the Farmers Market, Interest income and remaining Fund Balance4. Assessment Income $104,644.55 Township Contribution – Cash $40,809.00 Township Contribution – In Kind $28,000.00 Prior Year Surplus $34,946.45 Fundraising Efforts FM & 5K $11,500.00 Interest Income $100.00 TOTAL Revenue $220,000.00 1 Final assessment amount February 2014 2 Ordinance # 1534-98 3 In kind = $28,000 for office space and supplies 4 Fund Balance – Amount expected to remain in checking account at the end of 2014