NORTH WILDWOOD – City Council passed a $32.8 million budget April 7, with an emphasis on eliminating debt and self-funding large capital projects.
The budget is close to $1 million over 2019’s budget, with a near three-cent tax rate increase. The new local purpose tax rate is 77.4 cents per $100 of assessed value. The rate was 74.5 cents per $100 of assessed value in 2019.
According to Mayor Patrick Rosenello, if it weren’t for allocating funding toward eliminating debt, the tax rate increase would be “negligible” at less than a half-cent.
“I think most people look at the long-term benefits of this plan and they agree with it,” Rosenello said, adding, “I feel pretty strongly that this is the right financial move for North Wildwood.”
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