Cherry Hill residents will see no increase in their municipal taxes for a third straight year following council’s adoption of the 2015 fiscal budget at last week’s meeting.
Council unanimously approved a $66.6 million budget with a flat tax rate.
Mayor Chuck Cahn echoed many of his comments from the first reading of the budget, saying the township did not use bonds or notes last year to fund capital improvements, instead relying on the township capital improvement plan to fund road, park and recreational projects. A total of $3.35 million has been allocated for road maintenance and $1.2 million will go toward parks and recreational facilities.
“We have a responsibility to continue delivering a high level of municipal services, and to do so efficiently, effectively, and responsibly,” Cahn said.
A point of emphasis Cahn made was the township’s goal to eliminate its debt in the future. A portion of the budget is dedicated to reducing the township’s debt. Cahn said 43 percent of the township’s current debt will be paid off within five years.
“All of the township’s existing debt will be paid off in 13 years,” Cahn said.
Cahn said Cherry Hill’s positive financial situation is apparent through their Aa2 credit rating from Moody’s. He credited his staff and council for creating a budget that provides excellent municipal services while minimizing the impact on the taxpayers.
