Tuesday, July 21, 2015

Edison Council's 2015 Muni-Budget Amendment - Once Again, A Whole Lot of Nothing!?!

Caught a piece of the work session tonight and saw them discussing the Council Amendment up for adoption on Wednesday night. Only problem is they didn't say very much other than the 2015 Muni-tax increase was being reduced to 2.9-Cents.

2.9-Cents from What and how much did they actually cut? No context to understand what they did in their eyes wide-shut review.

So, let's see if we can't back into what they did and didn't tell us at that meeting. You can see the Mayor's Introduced numbers in a previous post but, in summary, it came with a Muni-tax rate of 1.244, which was 3.7 cents or 3.1% up over last year's rate of 1.2062.

If they're saying that the increase has been reduced to 2.9-Cents, than the rate they came up with has to be 1.2352 ( last year's rate of 1.2062 + this year's increase of .029). Working backwards knowing the ratables are $7,064,183,022, we get  a Muni tax levy around $87,256,581.

Now, if you compare that $87,256,581 to the Mayor's Muni tax levy in his Introduced Budget of $87,847,481 - you get a Whopping decrease in the Muni tax levy of some


That's $590,000 on a pot with some $87 million in it!!

Just to summarize in case they don't tell you Wednesday night when they adopt this 2015 Muni Budget after what will be some 202 days into the calendar year:

Mayor's Introduced Budget - 1.244 up 3.7 cents or 3.1% over last year's 1.206.

Council's Amended Budget - 1.235 up 2.9 cents or 2.4% over last year's 1.206.

Anyhoo, after the Council tells you on Wednesday that they could only find $590,000 to cut out of $87 million and you still look at them without laughing - then you deserve them. It's a joke but, unfortunately, it's on all of us.

PS - don't let them confuse you with their terminology - a reduction in an increase is Not a Savings, it's still an increase. If you live in that imaginary home assessed at $177,300, the Mayor's Introduced Budget increases your taxes by some $66 and this amendment reduces that increase to $51 or some $15. If you don't live in that imaginary home assessed at $177,300, then take your home's assessed value (divided by 100) and multiply it by .008 ( .037 - .029) to get how much this amendment will reduce Your increase. Most assuredly, they didn't save you anything with this worthless amendment.

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