FINANCE DEPARTMENT

 Long Hill Township Finance Officer Staff

 TOWNSHIP FINANCES

The municipal budget for 2008 was adopted by the Mayor and Township Committee on April 23, 2008. The total amount of this year’s budget is $14,649,789. This year proved to be extremely challenging in keeping taxes stabilized while still maintaining a high level of service to all residents. Despite a reduction in our State Aid of $118,624 and increases in the cost of public pensions totaling $284,610 the municipal tax rate was increased by only 2.9% over the previous year. This was accomplished through the combined efforts of the Mayor and Township Committee working with all department heads to limit spending and increase efficiency wherever possible.

The over-all financial condition of Long Hill Township remains very strong. As of January 31, 2008 the Township’s net debt represented only 1.07% of the average equalized valuation, leaving an un-tapped borrowing capacity in excess of $42 million. In addition, this year’s budget includes a number of capital projects that will be purchased without incurring any additional debt. This will continue to keep our debt interest payments as low as possible.

As the long term outlook for increased State aid seems bleak, the Finance Department will continue to investigate new efficiencies and investments to make every tax dollar work harder.

     Click here to view information regarding 2008 Property Taxes