Proposed Budget Includes Tax Decrease For Moorestown Residents

MOORESTOWN, NJ — Moorestown residents can expect a decrease in their taxes if the proposed $25,592,000 budget passes next month. The budget introduced during Monday night’s meeting at town hall proposes a tax decrease of 1.22 percent, from 40.9 cents to 40.4 cents.

The owner of the average $450,470 home would pay $1,819.89 total local purpose tax. That includes $1,648.72 in municipal taxes and $171.18 in library taxes. The municipal tax represents a $22.53 decrease from last year, while the library tax would hold steady.

The water and sewer utility budget sees a decrease of 5.28 percent. The proposed budget is $10,500,000, which is a decrease of $585,000 from last year.

The purchase of water is $1,500,000 less than the amount set aside in 2017 as the township continues to upgrade its water treatment facilitiesand relies less on purchasing water from New Jersey American Water. The township expects to pay $856,600 less for water in 2018 than in 2017.

Other highlights of the proposed budget:

• $525,000 will need to be raised each year from 2019-2022 to fund the township’s tax appeal settlement with the Moorestown Mall;
• Salaries and wages increased by $193,531 (2.36 percent);
• Group insurance rates increased by $111,270 (5.11 percent);
• Debt service increased by $220,127;
• The Capital Improvement Fund increased by $150,000;
• The township is using $2,605,000 in surplus to balance the budget. That’s an increase of $593,200 over the anticipated 2017 amount;
• Anticipated revenue is up $895,207 thanks in part to $245,000 in capital funds that are being used to offset debt service and an anticipated increase of $430,000 in U.C.C fees; and
• There are less delinquent taxes to collect, so the expected revenue from delinquent taxes collected is down $100,000.

Council approved the budget on introduction, and will hold the public hearing and final vote at its July 23 meeting.

Council also approved the proposed ordinance on introduction to exceed the municipal budget appropriations and establish a cap bank. This allows Moorestown to increase its budget up by 3.5 percent over last year's final appropriations, as opposed to the 2.5 percent cap, and bank the excess.

This year, Moorestown would be permitted to cap $171,234.81 (1 percent) in excess of the 2.5% increase in final appropriations, according to the resolution posted on the township's website.

The public hearing and final vote on that proposal will take place at the July 9 council meeting.

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