LINWOOD — City Council will hold a public hearing on the 2014 proposed budget at 6 p.m. Wednesday at City Hall.
The city introduced a $12.4 million budget for 2014 last month. It is $147,883 less than last year’s spending plan, with an anticipated decrease in local purpose tax.
The tax rate is 84 cents per $100 of assessed valuation. The budget shows the amount to be raised by taxes is going up by 0.88 percent. Under a citywide revaluation, the 2014 average home assessment is $315,000, up from $245,000 last year.
In state aid, Linwood anticipates $599,718, a breakdown of $28,110 in school building allowance for the upcoming year, $569,933 in energy tax receipts and $1,675 through the consolidated municipal property tax relief act.
“We had some bonds that were added on for local municipal purposes, while debt fell off on the local school district tax, Linwood Chief Financial Officer Anthony Strazzeri said.
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