Conference/Public Meeting Agenda/Documents — Packet

Best Practices Worksheet CY 2012/SFY2013 West Orange Township (Essex) 0722 Please see Color Key at bottom of sheet for limits on answers Answer Question Comments Such reporting has historically been provided to the governing body. However, in 2012 the Township has transitioned to a new finance and collections recording system. During Do elected officials receive status reports at least quarterly on all budget revenues and 23 Yes this extensive transition, the first two appropriations as they correspond to the annual adopted budget? quarterly reports we not available for distribution in a timely manner. However, the 2012 third and fourth quarter reports will be distributed the month following the end of the quarter. Given the potential fiscal impact of property tax appeals on municipalities, the Tax Assessor and CFO should review the status of filed appeals on a regular basis to determine their effect on future budgets and

rty tax appeals on municipalities, the Tax Assessor and CFO should review the status of filed appeals on a regular basis to determine their effect on future budgets and plan accordingly. With input and approval from the governing body, this plan should include an evaluation of current assessment values and should consider setting aside an adequate estimated reserve to fund potentially successful state tax court appeals. Has your municipality considered a 24 Yes property reassessment/revaluation to counter the effect of successful residential tax appeals? In answering this question, a yes answer indicates that the municipality either 1) determined after reviewing assessed values that a reassessment/revaluation is unnecessary due to assessed values accurately reflecting market values (resulting in a small number of successful appeals); or 2) if the impact of appeals is significant, a revaluation plan has been filed with your County Board of Taxation. In developing your multi-year capital plan, is your municipality dedicating sufficient 25 Yes revenues to fund maintenance, repair and eventual replacement of infrastructure such as roads, storm sewers, sanitary sewers and water systems? N.J.S.A. 40A:4-62.1 allows for the creation of a dedicated trust fund to reserve funds budgeted during years with relatively little snowfall for use in future years when excessive snowfalls may exceed budgeted funds. Although this past winter may have 26 Yes been mild, a responsible budget will take into consideration its impact on future years. In your 2012 budget, has your municipality reserved at least the average of snow removal expenses incurred over a minimum of 3 years?