HARRINGTON PARK, N.J.– Harrington Park officials introduced a $6.41 million budget for 2015-2016 that would boost the tax bill by $75.30 for the average home assessed at $538,477.
That represents a 2.55 percent municipal tax levy hike, following no increase for fiscal 2015.
Broken down, the total increase over two years is 1.27 percent – well below the state-mandated 2-percent spending cap, Councilman Jordan "Nick" Pedersen said after the mayor and council introduced the spending plan Monday night.
The reason, according to Chief Financial Officer KJ Trivedi, is $342,000 in bond payments over the next nine years for road repairs and for purchasing equipment for the Department of Public Works and police department.
"In light of the additional purchases that had to be paid for by bonding so we can maintain the quality of services in town, it's a reasonable budget," Pederson, the council's finance committee chairman, told Daily Voice.
"We cut it to the bone as much as we could," Pederson said. "It's a reasonable increase under the circumstances.
"Were in good financial shape."
The Borough Council will hold a public hearing on April 18 and then vote on the spending plan that night.