At a meeting held on Thursday June 4th, Hopewell Borough’s Council approved the 2015 budget, enacting next year’s (July 1, 2015 through June 30, 2016) municipal spending plan.
According to Council President Sky Morehouse, much of the cost savings came from renegotiating the shared-services agreement for police coverage with the Township. By basing the cost sharing formula on the equalized assessments of the two towns, the Borough’s contribution will drop from $512,000 for 2014 to $435,000 this year. The prior method came from a 2006 study that the two towns abandoned this year, in favor of a method similar to how regional school taxes are allocated.
While overall spending is relatively the same year over year, residents should keep an eye on their next tax bills, as the recent property revaluation will cause a change in the tax rates that does not correspond with the lack of new spending. Since assessments and the overall value of assessed property in the Borough were recalculated, the tax rate needed to raise the same amount of funds for 2015 will change even as the spending remains flat.
According to the revenue and appropriation summaries released by the town, the amount of revenue to be collected by property taxes will increase by only about $4,000 – from $1.757 million to $1.761 million.
“We are confident that this is a good budget,” said Michele Hovan, Borough Administrator.