By Natalie Lescroart, Staff Writer
FLORENCE—The Township Council unanimously approved the 2009 budget of more than $11.3 million at its meeting last week.
Introducing a flat tax rate of 63.7 cents per $100 of assessed home value, the budget will provide for an increase in municipal tax revenue by about $93,418 from last year. The 2009 budget will bring in about $3.9 million for the township through taxation.
The owner of an average township residence, assessed at $119,130, will pay the same price as in 2008 — about $759.
According to Township Administrator Richard Brook, a number of grants have bolstered the budget this year, raising it by $391,311. The township has applied for and received a $300,000 bikeway grant, a $150,000 grant to repave a few blocks on Fifth Avenue and $115,000 for replacing and installing sidewalks as part of the “Safe Streets to Transit” program.
Without these grants, however, the budget would have suffered. Mr. Brook said the township received about $430,000 less in state aid this year. Additionally, pension payments have increased by about $100,000.
Although the township was given the option to defer this year’s pension payments, the council decided not to pursue the option this year. The pension payment deferral program, signed by Gov. Jon Corzine in March, would require the township to make up the deferred amount along with its regular pension payments over the next 15 years, with interest. The interest that could possibly accrue concerned council members.
“We, like other townships, are feeling the results of the downturn in the economy, and we can see the impact on our municipal budget,” Mr. Brook said.