Edison Twp. wins bond request from Finance Board, with conditions

TRENTON – A tax appeal bonding request of $5 million for Edison Township drew some special consideration from the Local Finance Board today before winning approval, with conditions.

Board Chairman Tom Neff raised the concern that some of what Edison was seeking was approval for funding on tax appeal decisions that already had been paid out by Edison.

Neff suggested the Board could approve authorizing funding not to exceed $5 million, and make it subject to verification that the approved funds would only be for appeals that have not yet been paid or for funds approved through an earlier emergency ordinance the town had adopted. That idea was approved.

Edison auditor Bob Morrison and Mayor Antonia Ricigliano explained to the Board that tax appeals settled to date this year for tax year 2010 amounted to almost 8 percent of the local purpose tax levy.

Next year, there could be an even larger figure pending settlement for 2011 appeals involving refunds of as much as $19 million, 25 percent of the local purpose tax levy, which would translate into significant work force reductions, they said.

Edison Twp. wins bond request from Finance Board, with conditions