Statutory obligations drive increase in 2023 municipal budget
A tax increase for the 2023 municipal budget is imminent as Bordentown City faces a number of statutory obligations – primarily state pension, health benefit costs and worker’s compensation insurance, according to officials.
The public hearing and second reading will take place at the next Board of Commissioners meeting May 9 at 7 p.m., Carslake Community Center.
The total proposed municipal budget is $7.245 million, which is an increase of just under $36,000 over last year. The total amount to be raised by taxes is $3.8 million, which equates to an eight-cent increase on every $100 of assessed property value. For the average homeowner, this will result in an increase of $190 for the coming year, according to officials.
The amount an individual pays in property taxes is determined by the assessed value of his home and/or property, and the tax rate that is set by each taxing entity.
A Bordentown City’s property owner’s tax bill includes the Burlington County property and open space taxes.
In order to temper this increase, City Commissioners and the Finance Department have instituted a number of cost-saving measures, including across-the-board cuts to nearly every account, while using some of the City’s surplus to ensure the delivery of essential services.
The proposed Bordentown City budget for 2023 is available online for residents to review: https://ecode360.com/BO1079/document/720762394.pdf
