“This has been an extraordinary and unprecedented year for everyone and the pandemic has caused most of us to have to tighten our belts. The township budget is no different,” Mayor Dalina said. “As your new mayor, I have painstakingly evaluated our balance sheet and made the adjustments necessary to develop a responsible budget proposal that reflects the current economic reality.”
Among the factors that led to the modest tax decrease were a 23 percent reduction in the township’s statutory debt over the past five years, resulting in a $357,000 decline in the township’s debt service.
With the help of a strong AA+ bond rating, the township is refinancing previous bonds this month and expects to save an additional $136,000 annually and $1.5 million over the duration of the loans. The township also aggressively pursued federal CARES ACT funding which helped keep tax rates down and provided a modest surplus increase.
The township also aggressively pursued federal CARES ACT funding which helped keep tax rates down and provided a modest surplus increase. Moreover, the township initiated a hiring freeze last year during the height of pandemic shutdowns and many non-essential positions were furloughed.
“I want to recognize the turmoil and uncertainty our residents faced this past year in the face of the pandemic and resulting economic uncertainty. Remarkably, the township achieved a 99% tax collection rate, which helps keep taxes low,” Mayor Dalina said.
“I would also like to thank the Township Council for its input and participation in the budgeting process as we continue to work together to navigate the pandemic, manage resources and maintain valuable services to our fellow residents,” he added.