WILDWOOD CREST – Commissioners introduced Feb. 24 a $25.75 million budget for 2021, down over $800,000 from 2020.
The proposed budget indicates a tax rate increase of three-tenths of a cent. The new local purpose tax rate would be 0.682 per $100 of assessed value, up from 0.679, in 2020. A $400,000 home in the borough would see a $12 increase in taxes this year, according to Francine Springer, chief financial officer, Wildwood Crest.
Springer highlighted the strong surplus the borough had starting the year, which it was able to increase slightly, from $3.1 to $3.4 million, despite the pandemic. She also said the budget decrease was due to grants received during the year.
Mayor Don Cabrera and Commissioner David Thompson both noted that the nominal tax increase would be even smaller, if not for funds to build additional beach boxes. Had the borough secured the funding through a bond ordinance, the boxes would not have been completed in time for summer.
The storage boxes cost the borough $1,200 each and are rented seasonally, for $450, which will be raised to $500 next year, so they become profitable in less than three seasons, Cabrera said.
The budget’s public hearing and final adoption is scheduled for March 31.
