Borough to Vote on Borrowing $1.5 Million to Cover Expenses

The Mayor and Council will meet Thursday night to vote on a resolution allowing the borough to borrow $1.5 million in funds to cover expenses.

According to Borough Administrator Christine Demiris, the borough cannot send its anticipated tax bills to residents to collect much needed revenue because it still has not received its tax rate from Bergen County.

"Although the Borough passed the municipal budget in March and it was approved by the state in May, we are still waiting for our tax rate," said Demiris. "Until we have the rate we can’t send our tax bills, which would normally be due by August 1^st."

Demiris said the county has informed her that the delay is at the state level.

"Once we get the rate, it will be at least two weeks before we can get the bills printed and out in the mail and then taxpayers will have twenty-five days to pay," said Demiris. "This means that even if the rate was released today we would be looking at the end of August."

The Mayor and Council will vote on a resolution authorizing a tax anticipation note that will allow the borough to cover its expenses, which include required payments to Bergen County, the New Milford Board of Education and regular municipal expenses. 

"In the past, when the municipal budget was not approved we would send anticipated tax bills so we could start collecting revenue to cover the Borough expenses," said Demiris. "Since the municipal budget was passed early in the year and the county and state budgets were passed on schedule it did not seem as though anticipated bills would be required."

The meeting will begin at 6:30 p.m. at Borough Hall.