Moorestown Council To Introduce Budget Monday Night

MOORESTOWN, NJ — After cutting a suggested tax increase in half, Moorestown Council is set to introduce its proposed municipal budget for 2019.

Moorestown Council will meet on Monday night, June 10, 7 p.m. at town hall, 111 West Second Street. The workshop portion of the meeting is cancelled, and the official action meeting will commence at 7 p.m.

Council will introduce a proposed $26,477,000 budget with a 2.48 percent tax rate increase. The owner of a $454,000 would be faced with a $45.40 increase in taxes, as opposed to the $90 that would have come with a previously suggested 5 percent tax rate increase.

The proposed increase was cut after a series of budget workshops. Read more here: Council Set To Introduce Budget With 2.48 Percent Rate Increase

Along with the introduction of the budget comes the proposed ordinance to exceed the municipal budget appropriation limits and establish a cap bank. It is a proposal introduced by municipalities across the state at budget time.

It is done so municipalities can adopt a budget that contains an appropriation increase that exceeds the 2.5 percent appropriation cap (but only up to a maximum of 3.5 percent); or “bank” for future use, the extent to which their actual budget appropriation increases are less than 3.5 percent.

Moorestown’s proposed budget will include a 1.95 percent appropriation increase, which is about $1.4 million less than if the increase had been 3.5 percent, according to the agenda packet on the township’s website. This ordinance will allow the approximately $1.4 million difference to be “banked” so it can be used if needed in future years. The practice is recognized by rating agencies as being a best practice and helps to preserve the bond rating.

The final proposed ordinance related to the budget proposes continuing the 2018 tax rate of the Open Space, Recreation and Farmland and Historic Preservation Trust Fund of one cent per $100 of assessed property value for 2019.

Council will also consider five proposed ordinances and one non-consent agenda resolution related to affordable housing. The non-consent agenda resolution calls for an amendment to the township’s affordable housing settlement with the Fair Share Housing Center, which was initially reached just over a year ago.

Three of the proposals are up for final votes following public hearings. They are up for second reading following unanimous approvals on introduction last month. Read more here: Moorestown Moves Forward With Affordable Housing Legislation

One would establish zoning on the Nagle Tract on the corner of Hartford and Centerton roads. There would be 150 total units, with 45 set aside for affordable housing. Read more here: Change Made In Affordable Housing Plans For Nagle Tract

Another would establish zoning on the MRD site on Route 38. There would be 175 total units, with 35 set aside for affordable housing.

The final proposal would establish general parameters for various affordable housing program participation that track state law, affordable housing regulations and other portions of township code, at the recommendation of Moorestown's Affordable Housing Consultant.

The other two proposals will be introduced Monday night. The first allows for the creation of 15 accessory apartments consistent with the affordable housing settlement agreement.

The other would establish zoning of the Sbar Site off Lenola Road near Cinnaminson. The properties on the north and south sides of Sbar Boulevard would see 184 total units created, 36 of which would be set aside for affordable housing.

Council will also consider a proposed ordinance on introduction that would set aside $200,000 and authorize the borrowing of $190,000 in bonds or notes for the resurfacing of Garwood Road.

Road improvements were previously authorized through a bond ordinance. Design was completed in the spring. Bids were received on May 15 and came in higher than the funding authorization, according to the agenda packet.

Without additional funding authorization, the road would have to be done in two phases over two years which would result in additional delays, lost economies of scale, and potentially increased costs to complete the road, according to the agenda packet.

It is recommended that funding be increased to allow for a contract award that will allow the entire road to be completed under a single contract, according to the agenda packet.

There are also five items on the consent agenda. To view the full agenda, visit the agenda center on the township’s website.