MONROE – Monroe Township Mayor Stephen Dalina and the Township Council have introduced a 2021 municipal budget that includes a modest tax decrease.
The proposed budget reduces the municipal tax rate from $.493 to $.490 per $100 assessed value.
Under the proposed plan, the average taxpayer whose house is assessed at $320,410 would pay $1,569 in municipal property taxes.
As part of the new budget, water and sewer rates will remain the same, according to information provided by the township.
“This has been an extraordinary and unprecedented year for everyone and the pandemic has caused most of us to have to tighten our belts a bit. The township budget is no different,” Dalina said in the statement. “As your new mayor, I have painstakingly evaluated our balance sheet and made the adjustments necessary to develop a responsible budget proposal that reflects the current economic reality.”
Among the factors that led to the modest tax decrease were a 23% reduction in the township’s statutory debt over the past five years, resulting in a $357,000 decline in the township’s debt service, according to the statement.
With the help of a strong AA+ bond rating, the township is refinancing previous bonds this month and expects to save an additional $136,000 annually and $1.5 million over the duration of the loans, according to the statement.
The township also aggressively pursued federal CARES ACT funding which helped keep tax rates down and provided a modest surplus increase, according to the statement.
The township initiated a hiring freeze last year during the height of pandemic shut-downs and many nonessential positions were furloughed. The township also was able to reduce expenses when programs and services were impacted by COVID-19 restrictions. Many of these programs are being reintroduced in this budget.
“I want to recognize the turmoil and uncertainty our residents faced this past year in the face of the pandemic and resulting economic uncertainty. Remarkably, the township achieved a 99% tax collection rate, which helps keep taxes low,” Dalina said in the statement. “I would also like to thank the Township Council for their input and participation in the budgeting process as we continue to work together to navigate the pandemic, manage resources and maintain valuable services to our residents.”
The budget will be presented for public hearing at the June 2 Township Council meeting.
“This budget year is considerably important as we prepare for the future of our township,” said Dalina, who noted that this budget cycle will fund the township master plan process, in 2021. “There is nothing more important to our township than engaging all our residents as we plan for our future.”