WILDWOOD CREST – The Board of Commissioners has passed the borough’s 2025 municipal budget, which is supported by a less than 1-cent tax rate increase.
Municipal auditor Mike Garcia of the Ford Scott accounting firm gave highlights of the $31 million budget at the board’s March 26 meeting, saying the budget was $532,000 below the state-mandated spending cap and $1.3 million below the 2% tax levy cap.
Wildwood Crest’s budget, he said, is also $75 million under the state’s limit for its debt service. Garcia said the borough enjoys an Aa2 bond rating, which is very high.
He described the tax rate increase as “slight,” being nine-tenths of a cent. The local purpose tax rate will increase from 0.7150 to 0.7246, which is a 1.34% increase. He said average home assessment in Wildwood Crest is $450,000, and the increase would amount to $43 more in taxes in 2025 for such a home.
Spending is up by $653,000, he said, led by salaries and wages, which are increasing by $418,000. He said health insurance is up $170,000 and pension payments are up $82,000.
“All the rest (of the increases) account for just $14,000 of the $653,000,” Garcia said.
He said the amount paid for debt service is down $168,000, in large part due to getting good rates from bonding companies. Municipal sewer costs are also down, by $136,000.
The total 2025 budget figure is $31,160,359, an increase from $29,221,665.27 in 2024. The borough is using $4.7 million of surplus to fund the 2025 budget, out of $9,327,592 in the account.
Contact the reporter, Christopher South, at csouth@cmcherald.com or 609-886-8600, ext. 128.
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