VIDEO: Cape Freeholders Introduce 2014 Budget

COURT HOUSE – The Cape May County Freeholders introduced the county’s 2014 budget calling for a tax rate increase of less than ½ cent making the new rate .209 cents. Although it will vary depending on the ratio of assessed value to true value in each of the County’s sixteen municipalities; an average taxpayer will pay $209 for $100,000 of property assessment. Cape May County’s tax rate should remain the lowest of any county in the State of New Jersey.
After increasing 18% in 2012, revenues from transfer fees at the County Clerk’s office decreased slightly this year by 3% bringing in approximately 4.6 million dollars. Also, interest on investments went down 34% to slightly over $64,000 and for the fifth year, our ratable base declined. Over this five year period, the count lost over 8.1 billion dollars in ratable – approximately a 15% reduction in the county’s ratable base.
Freeholder Director Thornton said, “Despite these financial set-backs – I believe we are introducing a solid budget that will continue to protect the services that residents need and expect from county government – while staying affordable to the taxpayers of Cape May County.”
The introduced county budget for 2014 is $138.9 million compared to the adopted 2013 budget of 138.5 million. The county tax levy rose from $96.4 million to $98.3 million. Balancing the budget uses $9 million of the county’s $17 million surplus.
Total operating expenses are $70 million reflecting a decrease of approximately 1%. Total Salaries and Wages increased slightly to $45.3 million.
This year’s budget keeps our tax rate increase to less than a ½ cent and our tax levy is at a 1.9 % increase. Keep in mind that this tax rate increase is partially attributable to the continued loss of ratables.
Director Thornton concluded, “In 2014, we are focusing on investing in important areas such as Infrastructure, Economic Development and Governmental Operations. This year, we will re-open our newly renovated senior center in Upper Township in February, break ground for a new County Correctional Center, build new exhibits at the our county zoo, complete the much needed third floor of the county courthouse and end the year with the opening of a state of the art library in Wildwood Crest.”
Public comment and adoption of the budget is scheduled for March 11, 2014 at 7 p.m. in the Freeholders’ Meeting Room at the County Administration building. Besides being on hand at the Office of the Clerk of the Board at the Administration Building, the proposed budget will be accessible on the county website at capemaycountygov.net.