Princeton officials adopt $64 million budget for 2019

With no comment from the public, Princeton Council quietly adopted its $64 million budget for 2019.

The adoption of the budget to fund the operation of the municipality was done at the council’s April 8 meeting.

The budget carries a 1-cent increase in the municipal property tax rate – from 48 cents per $100 of assessed value to 49 cents. For the owner of a house assessed at the town average of $838,562, the municipal property tax bill will increase by $83.69 – from $4,067.03 to $4,150.71.

The 2019 budget is $1.1 million less than the 2018 budget of $65.1 million, or 1.8 percent. It does not reflect the change in actual budget expenditures because the town had a one-time expense of $2.1 million last year, Princeton Administrator Marc Dashield said.

As a result, the net increase in expenditures for the 2019 budget is $972,608. The largest component of that increase is $800,000 in salaries and wages to help the Princeton Fire Department transition from an all-volunteer department to a combination paid/volunteer department.

In addition to $800,000 in salaries and wages to help the Princeton Fire Department, the major cost drivers are an increase of $423,353 for police salaries, plus an increase of $120,000 in the trash removal contract and a $263,000 payment to the Stony Brook Regional Sewerage Authority.

Employee group help insurance premiums decreased by $489,780, but liability insurance and workers compensation insurance increased by $5,515 and $16,527, respectively.

Contributions to the Public Employees Retirement System pension stayed the same, but there was a $96,000 increase in the contribution to the Police and Fire Retirement System.

On the revenue side, the town expects to generate $420,000 in fees and permits; $260,000 in fire and housing inspection fees; $137,000 in licenses and $900,000 in Municipal Court fees and fines.

Princeton University’s fair share payment of $3.35 million is another major source of revenue. State aid remains flat at $2.4 million.

The budget also calls for using $7.6 million in surplus funds, and to raise $35.3 million in property taxes to balance the 2019 spending plan.

A breakdown of the revenues shows that municipal property taxes make up 57 percent of revenues. Surplus funds make up 12 percent and Princeton University’s fair share payment accounts for 5 percent. State aid is 4 percent of revenues.