PRESS RELEASE
The Board of Commissioners of the Borough of Wildwood Crest approved by resolution the 2020 municipal budget at its regularly scheduled meeting on Wednesday, March 25.
The 2020 budget includes an increase of $198,800 in the local purpose tax, equating to 2/10 of a penny. A home assessed at $450,000 will see an increase of $10, or $2.50 per quarter.
Increases in the 2020 Wildwood Crest municipal budget came via increases in salary and wages, particularly in contractual salaries; nominal increases in departmental expenditures; and an increase of $300,000 in Cape May County Municipal Utilities Authority usage fees, although much of that increase is offset by revenues from sewer rents.
In addition, the 2020 budget includes an increase of $316,000 to debt service. However, that increase is offset via revenue of $100,000 from General Capital Fund Balance, revenue of $80,000 from 2020 beach box rentals and revenue from Superstorm Sandy reserve funds of $303,000, all which totals to a reduction in debt service costs to borough taxpayers.
According to the borough’s chief financial officer, the borough’s strong fund balance has led to excellent interest rates on debt and serves as an important factor to ensure cash flow in uncertain times.
In addition, the borough has seen an increase of approximately $20 million in ratables on new construction and improvements.
“The borough’s Board of Commissioners has adopted a sound budget with a nominal tax increase while still being able to provide necessary services to the public and invest in improvements to the borough’s infrastructure,” said Wildwood Crest CFO Francine Springer.
For more information on the 2020 Wildwood Crest municipal budget, contact the finance office at 609-729-8036.
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