WILDWOOD CREST – The Borough of Wildwood Crest introduced the 2018 budget that features a one-cent tax increase (per $100 of assessed value) at its Feb. 21 Board of Commissioners meeting.
The current local purpose tax rate is 67.1 cents per $100 of assessment.
The budget’s total general appropriations will be $23.94 million, a decrease of $2.4 million over 2017.
A spokesperson for Administrator Constance Mahon explained the decrease by pointing out that the borough received large grants in 2017 that are funding the Sunset Lake Shore Stabilization project. Those grants do not appear in this year’s budget.
Total local tax revenue for 2018 is projected to be $15.35 million, an increase of approximately $150,000 over the amount collected in 2017.
The borough also projects that it will collect $1.6 million less “Miscellaneous Revenue” and receipts for delinquent taxes in 2018. The borough has a $7.9-million surplus; it will utilize approximately $2.6 million of that surplus to balance the budget.
This budget is a proposal, the final version will be voted upon after the public hearing.
The borough will hold a hearing on the budget March 21, at 5:30 p.m. at Borough Hall, 6101 Pacific Ave. Copies are also available at Borough Hall during regular business hours.
To contact Jim McCarty, email jmccarty@cmcherald.com.
