Mayor Nick Sacco and the Board of Commissioners introduced the township’s 2019 Calendar Year budget yesterday, which the township says “once again keeps property taxes stable while making many significant investments in services.”
“This year’s municipal budget continues our record of keeping property taxes stable, which helps make sure our community stays affordable for both homeowners and renters,” said Mayor Sacco. “This is a responsible budget that funds important priorities and services while staying within our means and protecting taxpayers. I’m proud of the work our finance team has done in putting this budget together and we look forward to passing the budget soon.”
The CY 2019 proposed budget of $98,267,655 is 2.6% greater than last year’s, with increases primarily attributed to rising costs for employee health benefits and pensions.
The township says despite this, “the proposed budget includes a tax increase of just 1.31%, which would only amount to an increase of $48 on a home assessed at the average value in the township. This continues the trend of the last five years of averaging below the rate of inflation.”
“Our finance team works hard every year to keep North Bergen affordable while making the investments our residents need, and this budget is another example of that,” said Revenue and Finance Commissioner Julio Marenco. “From our park improvements to our senior programs, from our new DPW Broom and Barrel program to our constantly expanding recreation offerings, we are continuing to improve all of our services for residents while budgeting responsibly.”
The township’s strong surplus and responsible budgeting lead to an increase in its bond rating from Moody’s to Aa2, one of the highest ratings available.