AVALON – Again, in 2023, Avalon’s budget contains zero long-term general obligation debt. The $36 million general fund budget does include a tax increase of $0.006. The six-tenths of a cent increase is a 3% rise over 2022 and represents the first local purpose tax increase in the borough since 2016.
The budget includes the library tax, which seeks $4.6 million in revenue, as well as an expected $20.2 million in municipal purpose tax revenue. In total, 69% of the total revenue in the budget comes from taxation. $5.3 million in surplus funds are used, and $5.7 million comes from miscellaneous revenues. Avalon continues to have the lowest local purpose tax rate in the county.
Chief Financial Officer James Craft summarized the budget for Borough Council March 8, noting that it contains $9 million for capital projects allowing the borough to continue its practice of “pay as you go” for such projects and relying only on short-term debt if needed.
In 2022, the borough’s municipal debt service payment required was only $158,450. The budget also includes an annual item of $600,000 to be used for beach and bay dredging projects when needed.
Two self-financing utilities have separate budgets. The water and sewer utility budget rose from $7.6 million in 2022 to $8.1 million this year. The increase is due to needed capital projects in 2023.
The beach utility budget is down from 2022 and stands at $2.1 million, with $1.6 million of that appropriated to salaries and wages for the utility’s estimated 100 employees, almost all seasonal.
Budget detail on 2023 is available on the borough website. A public hearing and vote on adoption of the budget is expected at the April 12 council meeting.
Stone Harbor – Could the North Wildwood spouter tell us what kind of company he refers to that has already gotten tariff increases. Waiting for the reply spout!
