Township Municipal Budget Under Cap Levy For 5th Straight Year

Hillsborough Township’s 2015 municipal budget was introduced last week during a Township Committee meeting, during which residents were informed the budget came in under the cap levy.

The budget came in under the two-percent cap levy for the fifth consecutive year, according to Hillsborough Township officials. A release from the Township stated the budget saves taxpayers more than $140,000.

“Once again, our fiscally responsible budget has come in below the 2 percent tax levy, which has
been our practice since the 2011 introduction of the 2 percent levy cap,” Hillsborough Mayor Doug Tomson in a release from the township.

The municipal budget of $28,182,103 results in a tax rate change of $0.003 per $100 of assessed property value, according to the Township.

“Balancing the municipal budget is never an easy task. We have maintained our businesslike approach to government by managing taxpayer’s dollars in a fiscally responsible way,” Tomson said.

The budget allows for exceptions over the two-percent cap levy, however, these were not utilized in the 2015 budget. These include such exceptions as pension obligation increased, deferred charges to future taxation, current year emergency appropriations and prior year ratable increases. These exceptions could have added $140,781 to the tax levy, according to Hillsborough Township.

“Had the Township taken advantage of these exceptions, the taxpayers would have incurred an additional $140,000 in taxes,” Committeeman Carl Suraci, Chair and Liaison to the Finance Committee, said in the release. “For the fifth consecutive year, the municipal budget comes in below the 2 percent tax levy cap while receiving no State aid.”

For more information regarding the 2015 municipal budget, read the entire release from the Township of Hillsborough here.