Planet Princeton

Princeton Borough Adopts Budget with No Tax Hike

For the fourth year in a row, the Borough Council has adopted a spending plan that does not include a municipal tax increase.

The Borough’s budget, the final budget before the two Princetons consolidate, represents about 22 percent of the total tax bill. The county portion is about a quarter and school taxes make up about half your tax bill.

Borough Administrator Bob Bruschi characterized the $26.5 million budget as a conservative one that paves the way for the transition to the new Princeton. The budget increase is $596,000 over last year’s budget. The tax levy is $10.3 million.

The Borough municipal tax rate is 43.1 cents per $100 of assessed property value. The owner of a home assessed at $750,000 will pay $3,232 in municipal taxes this year.

Bruschi said the Borough anticipates ending the year with a surplus of at least $4.9 million.

“That’s a nice dowry to bring to the new Princeton,” he said.

The budget includes $50,000 for a transit study and $50,000 for a traffic study. The budget for legal fees is up $66,000 and insurance fees went up $320,000. The budget for the Princeton Public Library increased by $75,562. Salary and benefits represented $35,000 of the library budget increase, and the other $41,000 was for maintenance and building repair expenses.

Revenue includes $1.5 million in parking fees, $3.4 million in sewer charges, and $1.2 million in court fees. Princeton University’s payment in lieu of taxes increased by $520,000. That amount covered all but $76,000 of the increased expenses in this year’s budget.

Krystal Knapp

Krystal Knapp is the founding editor of Planet Princeton. She can be reached via email at editor AT planetprinceton.com. Send all letters to the editor and press releases to that email address.

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Thu 22

Montgomery Farmers’ Market

June 3 @ 9:00 am - October 28 @ 1:00 pm
Thu 22

Small-Scale Berry Production

June 22 @ 6:00 pm - 8:00 pm
Thu 22

Startup Grind Princeton hosts Hari Mahadevan

June 22 @ 6:30 pm - 9:00 pm
Thu 22

Princeton Summer Theater Presents “Pippin”

June 22 @ 8:00 pm - July 8 @ 10:00 pm

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