The public hearing on the budget will take place on Monday, July 23 at 7:30 p.m. in Council Chambers at Town Hall.
Council introduced the 2018 municipal budget at last Monday’s meeting, and if passed, Moorestown residents could see a tax decrease. Under the tentative budget, the proposed tax rate of $0.404 per $100 of assessed value represents a 1.22 percent decrease from last year’s rate of $0.409.
The overall tax levy is $16,293,748. The municipal tax is $14,758,840 of the overall levy, and the library tax is $1,534,908 of the levy.
The average assessed home of $450,470 will pay approximately $1,819.89 in local purpose taxes. The municipal portion of this tax would be $1,648.72, and the library portion would be $171.18.
The total budget is $25,592,000, which is approximately a 5 percent increase compared to last year. Township Manager Thomas Merchel said a new appropriation of $525,000 is required to account for the township’s mall tax appeal settlement. This money will need to be raised in each of the subsequent budgets from 2019 to 2022.
The township also saw a 2.36 percent, or $193,531, increase in salaries and wages, and group insurance rates increased by 5.11 percent, or $111,270. Debt service increased by $220,127, and the capital improvement fund increased by $150,000.
In 2018, the township’s revenues increased in 2018 by a net total of $1,389,107, and the township is utilizing $2,605,000 in surplus to balance the budget. The township’s ratables also saw an increase of approximately 0.31 percent.
Council also provided an overview of the 2018 water and sewer utility budget, which will see a $585,000, or 5.28 percent, decrease from last year. The total water and sewer utility budget is $10.5 million. The 2018 utility appropriations saw an overall decrease of $856,000 compared to the prior year’s emergency funds that needed to be raised. The cost to purchase water is $1.5 million less than 2017’s appropriation amounts.
Mayor Stacey Jordan thanked Merchel and her fellow council members for their hard work on this year’s budget. Jordan said that in the past, Moorestown had not maintained and strengthened the township’s assets, but since being elected, she has seen that become one of council’s top priorities.
“We have done, I think, a pretty good job of cutting taxes for our residents so that we are still continuing to keep our assets and continue to make sure those assets stay strong,” Jordan said.
The public hearing on the budget will take place on Monday, July 23, at 7:30 p.m. in Council Chambers at Town Hall.
