Princeton Council Introduces $77.9M Budget For Fiscal Year 2025

PRINCETON, NJ — Last week, Princeton introduced the $77.9 million budget for the year 2025.

Municipal finance officer Sandra Webb made a presentation introducing the budget which is 3.5 percent higher than last year’s final appropriation.

The increase includes additional salaries and cost-of-living adjustments.

According to Webb, revenue decreased by $256,000 due to lost municipal aid and a drop in community village money, but surplus increased to over $25 million from $22 million.

“We have been doing really well on our interest, on our investments, so we increase that revenue. Sewer Collections has gone up. We have in here, the university increase and the Avalon Bay payment for the pilot, we received our first quarter for 2025 and that's going to bring us in about an a million dollars,” Webb told council.

The budget anticipates an additional $1 million in surplus.

The budget also includes a proposed tax increase as well. The municipal share of taxes for an average house assessed at $857,000, will rise by $106, with a total increase of $134 over the course of the year.

Significant reductions in departmental budgets saved $874,000, Webb told Council. And a $14 million reduction in capital projects further mitigated the tax increase.

A public hearing on the budget will be held on April 14.

Details on the budget are available on the agenda of Monday’s meeting.

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