Unanimous approval for $27.5 million spending plan.
By: David Campbell
The Princeton Township Committee unanimously approved a $27.5 million 2003 municipal budget Monday night that carries a 5-cent increase in the municipal tax rate.
Under the approved budget, the owner of a home assessed at the township average of $411,847 would pay $2,347.53 in municipal property taxes about $205.93 more than the $2,141.60 paid this year, according to the township.
The owner of a residence assessed at the township average would pay about $82 in open-space tax and about $473 for sewer services the same as last year.
The township’s open-space tax is 2 cents per $100 of assessed property value. The sewer rate is $5.20 per 100 cubic feet of water consumption.
The municipality has sought to keep spending down during a year of severely tight fiscal constraints. But poor economic conditions have resulted in lower revenues than anticipated and a state aid package that is virtually flat for the second year in a row, according to budget documents prepared by township Chief Financial Officer John Clawson.
As a result, while the increase in total spending over the previous year is less than that of the 2002 budget over 2001, the proposed tax rate increase this year is greater than the increase in 2002 over the prior year.
The 2003 budget represents a $648,382, or 2.4-percent, increase over last year’s $26.8 million budget.
Last year saw the tax rate go up from 49 to around 52 cents per $100 of assessed valuation. This year’s proposed budget will raise the tax rate to 57 cents per $100 of assessed valuation.
Revenue to be raised by property taxes this year totals $13.3 million a $1.4 million, or roughly 12-percent, increase over the $11.9 million budgeted in 2002. The township has taken several steps to keep the tax rate down, however.
These include using as much surplus as possible while still maintaining the municipality’s AAA bond rating; funding $652,878 in township programs through federal, state, county and private grants; and covering $544,353 in expenses for new township parklands through the township’s open-space fund, the report said.
In related business Monday night, the Township Committee introduced an ordinance providing for nearly $5.6 million in capital improvements not previously adopted or introduced this year.
The township’s total capital budget for 2003 is $6.3 million. The capital-spending plan includes about $1.6 million for road projects, $810,000 for pathway projects, and $523,550 for township police computer and communications upgrades.
The capital budget also includes $200,000 for general improvements to the Municipal Complex, and $100,000 for lot paving and lighting improvements there.
A public hearing on the capital budget is scheduled for June 9.
The committee Monday night also approved an ordinance to increase the municipality’s state budget cap from 1 to 5 percent, which is permitted under state regulations. This is being done to help replenish the surplus for next year’s budget and to provide flexibility for unexpected major expenses this year, according to the township finance documents.

