After having finally heard back from the state Local Finance Board, which approved the township’s request to defer its state-mandated pension costs until 2012, the Plainsboro Township Committee has adopted the 2009 municipal budget.##M:[more]##
During the Plainsboro Township Committee’s June 10 meeting, the committee unanimously voted to adopt the $21.97 million budget, which includes the tax savings as a result of the approval of that move. The committee had held a public hearing on the budget last month, but has to defer its adoption until after receiving word from the LFB.
The budget represents a 5.7 increase over last year and is proposed to carry a tax rate increase of 1.9 cents. In the beginning of the budget process, officials had anticipated having to increase the tax rate by 3.26-cents, but had since reduced it before introduction.
The state-mandated pension costs, if not approved, would have the biggest impact on the budget. The township is due to pay a total of $545,”000 — $375,”000 into the Police and Fireman’s Retirement System and $170,”000 into the Public Employee Retirement System. Under new state law, towns were able to apply to hold off on paying the contributions until 2012.
