The public hearing and final adoption vote on the budget will take place on Friday, Sept. 21.
Cherry Hill Township’s proposed Fiscal Year 2019 budget won’t feature a tax increase for residents, but the total budget will increase a little more than 2 percent when compared to last year.
The township’s proposed budget was published via public notice in the “Courier-Post” on Saturday, Sept. 8, a little less than two weeks prior to its scheduled public hearing on Friday, Sept. 21. The proposed 2019 budget totals a little more than $70.9 million, an increase of about $1.4 million from the 2018 Fiscal Year budget.
Mayor Chuck Cahn said during the introduction of the budget on Aug. 22 taxes would remain flat for residents. If the budget is passed, it would be the seventh straight year without a municipal tax increase in Cherry Hill.
The proposed tax levy in the budget is $44,489,252, a slight increase of about $250,000 from last year. The largest increase from a revenue standpoint will come from miscellaneous revenues. The proposed budget includes an increase in miscellaneous revenues of nearly $900,000.
Township Business Administrator Lenore Rosner said the increase in miscellaneous revenues this year is due to a number of factors, including rising interest rates, which have brought in more revenue to the township through various accounts.
“One of the areas where you’ll see the highest (increase) is in the investment area,” Rosner said.
The township is also planning to use about $8.9 million in surplus in the 2019 budget. The 2018 budget included the use of $8.6 million in surplus.
The proposed budget features minor changes in most of its line items. If adopted, salaries and wages would increase approximately $500,000 from last year. The township will also be paying about $13.3 million in debt service this year, up slightly from last year’s $12.75 million.
The township has budgeted a little more than $1 million for capital improvements, slightly less than last year’s capital improvement budget of $1.15 million.
Township Chief Financial Officer Michelle Samalonis said the capital improvement line item consists partially of the down payment the township pays when it goes out for a bond ordinance.
“When you do (bond) ordinances, you have to have a 5 percent down payment,” Samalonis said. “This line item represents that 5 percent.”
Samalonis added the capital projects line items also include projects the township will pay for in cash. The township’s full capital plan will be included in the back of the budget document.
The township will retain the same number of employees it had last year. The proposed 2019 budget includes 386 employees.
The full 2019 proposed budget was scheduled to be posted online at www.cherryhill-nj.com on Friday, Sept. 14 under the finance section of the website. The public hearing and final adoption vote on the budget is scheduled for Friday, Sept. 21, at 5 p.m. at Cherry Hill Town Hall.
