Moorestown Council Approves Annual Budget Cap Proposal

MOORESTOWN, NJ — Moorestown Council gave final approval to a proposed ordinance to exceed the municipal budget appropriation limits and establish a cap bank Monday night.

Council approved the annual measure by a 5-0 vote during its meeting that was held in-person with remote participation.

The proposal allows the township to increase its budget by 3.5 percent over last year's final appropriations and bank the excess as an appropriation. The increase amounts to $621,163.10 over last year's final appropriations.

The proposal is part of the township’s annual budget process. Council has already introduced its $27,950,000 budget with a 1.93 percent increase. The average Moorestown homeowner would see a tax increase of $36.63. Read more here: Moorestown Cuts Tax Increase In Proposed Budget

This is down from a proposed increase of 3.65 percent ($68.69) that was included in the draft budget first discussed in May. Read more here: Moorestown's Draft Budget Includes Tax Increase

The public hearing and final vote on the proposed budget is scheduled for April 9.