A scheduled public hearing is set to take place for the Hopewell Borough 2021 municipal budget on May 6.
Borough Council members introduced the $3.54 million budget earlier this month on April 8.
Council President Charles Schuyler Morehouse, Councilman Chris Fossel, Councilman Ryan Kennedy, Councilman David Mackie, Councilwoman Samara McAuliffe and Councilwoman Debra Stuhler voted “yes” on the measure to introduce.
Municipal appropriations for Hopewell Borough are increasing from $3.33 million in 2020 to $3.54 million in 2021.
Residential and commercial property owners support the appropriations through a tax levy. The tax levy increases slightly from $2.1 million in 2020 to $2.14 million for 2021 budget.
According to budget documents, the current budget does also include a slight increase in the municipal tax rate, which is expected to be 63.9 cents per $100 of assessed valuation. In 2021, the owner of a home that is still assessed at $400,000 pays $2,556 in municipal taxes.
The 2020 municipal tax rate was 62.9 cents per $100 of assessed valuation. In 2020, the owner of a home assessed at $400,000 paid $2,516 in municipal taxes.
Municipal taxes are one item on a property owner’s total tax bill, which also includes school taxes and Mercer County taxes.
The amount an individual pays in taxes is determined by the assessed value of his home and/or property, and the tax rate that is set by each taxing entity.
On the revenues side of the 2021 budget, Hopewell Borough will use $393,200 from the surplus as revenue in the budget. In the 2020 budget, officials used $304,578 from the surplus funds as revenue in the budget. Other revenues in the 2021 budget include $325,000 in sewer rents, $170,313 in state aid, which is the same amount received in 2020; and $77,700 in interest on investments and deposits.
On the appropriations side of the budget for 2021, the budget will fund appropriations such as $548,349 in municipal debt service, $526,398 on shared service agreements, $223,400 on administrative and executive wages, $201,000 public works salary and wages, $105,000 on employee group health insurance, and $94,000 sanitation tipping fees (fees for disposal of waste at a landfill).
Hopewell Borough’s budget covers the cost of general government, public works, salaries and wages, shared service agreements, and insurance.
