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Wednesday, April 17, 2024

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Stone Harbor Foresees 1-Cent Rise in Local Tax Rate

Stone Harbor Foresees 1-Cent Rise in Local Tax Rate

By Vince Conti

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STONE HARBOR – Chief Financial Officer James Craft said the borough would probably see a 1-cent increase in the local purpose tax rate in 2024. If so, the rate would move from $0.302 to $0.312, a 3.3% increase.

Craft said he expected the budget would be ready for introduction at the March 19 Borough Council meeting. He explained that a full public presentation would follow, at the April 2 council meeting. The required public hearing and adoption of the budget, he said, would take place at the April 16 meeting.

The Local Finance Board in Trenton has extended the statutory dates for municipal budgets. The last day for introduction of a municipal budget was extended from Feb. 10 to March 29, and the date for adoption was extended from March 20 to April 30.

Craft said that the budget should result in an increase in the general fund surplus, which currently stands at $4.3 million. He said the budget would include $7.1 million in capital expenditure authorizations, $1.8 million in cash for capital pay-as-you-go projects and a $1 million paydown on bond anticipation notes. It also includes the annual set-aside of $350,000 each for beach and back bay work.

Councilwoman Jennifer Gensemer said that the council continues to work on a 10-year capital plan.

Contact the author, Vince Conti, at vconti@cmcherald.com.

Reporter

Vince Conti is a reporter for the Cape May County Herald.

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