WILDWOOD CREST – The borough unanimously passed a $23.9 million budget for the 2018 fiscal year that includes a small tax increase for homeowners.
The budget, passed on March 21, is $2.6 million less than last year’s budget and raises the municipal tax rate from .661 cents per $100 of assessed value to .671 cents per $100 of assessed value. The overall tax rate is $1.254, according to a statement from the borough.
Simply put, a Wildwood Crest homeowner with a house assessed at $435,000 will see a tax increase of $45 in 2018.
The new tax rate is expected to raise about $15.3 million for the borough, an increase of about $201,000 from 2017, according to the statement.
“Our elected officials, finance department and all borough departments are doing more with less than the borough has ever done,” Wildwood Crest mayor Don Cabrera said in a statement. “This budget allows the borough to plan for the future and make necessary improvements to borough infrastructure, while also maintaining a relatively low tax rate and average property tax bill for our homeowners.”
The new budget includes a projected total of $54,000 in state and federal grants, significantly less than the $1.6 million it received last year. Officials, however, say the reason for that is because the borough received one large grant from the Federal Emergency Management Agency (FEMA) in 2017 for the Sunset Lake shore stabilization project.
Funding included for projects this year includes the Sunset Lake project, renovations to various borough buildings, purchasing vehicles for public works and public safety, and road paving, according to the statement.
For more information, please call the Wildwood Crest Finance Department at 609-729-8036.