0:00The meeting began with an in-depth review of the township’s financial outlook, led by the Chief Financial Officer (CFO). A point of discussion was the township’s investment income, which has seen a remarkable rise from approximately $800,000 to $2.6 million since 2023. This increase is largely attributed to competitive proposals from eight banks and is expected to remain robust for 2025, despite potential interest rate declines. The CFO noted that this income surge primarily stems from carrying balances, which have fortified the township’s financial standing.

Another topic was the ongoing financial negotiations with Princeton University. This anticipated agreement is expected to yield substantial funds, earmarked for a reserve account to bolster future budgets. While the CFO expressed confidence that Princeton’s financial contribution would remain stable due to the university’s expanded footprint, the agreement is not anticipated to be finalized in time for the current budget cycle.

The CFO also provided insights into various revenue streams, highlighting a strong recovery post-COVID. Particularly noteworthy were the uniform construction code fees, typically ranging between $2 million and $3 million, and the increased hotel tax revenue despite the loss of a hotel property. Conversely, the CFO cautioned against relying heavily on volatile revenue sources, such as sewer connection fees, which fluctuate year-to-year.

16:09Discussion then shifted to the cap bank ordinance. The council was informed about plans to receive a detailed memorandum and analysis before the ordinance’s introduction. The cap bank, which allows municipalities to carry over unused budget appropriations, faced constraints in 2023, with a balance of just over $9,200. However, in 2024, the town was able to carry forward approximately $98,000, contributing to a total cap bank of $107,000. The council was advised to approve an ordinance allowing for an additional 1% increase, equating to $382,000.

The council also addressed the potential ramifications of not meeting revenue forecasts, which could necessitate slight tax increases in future years. Maintaining a conservative fund balance was emphasized, a strategy that proved beneficial during the financial challenges posed by the COVID-19 pandemic.

The local examination process was another point of discussion, with confirmation that the township was not under state review last year and did not face any budget amendments. The state-approved budget following an extensive review, and a resolution would be presented to ensure compliance with necessary requirements for the upcoming budget cycle.

Capital funding requests also featured in the meeting, notably from Chief Lynch, who sought to increase the annual allocation for personal protective equipment (PPE) from $50,000 to $100,000. This increase was deemed necessary to address the growing number of volunteers and past equipment shortages. Additionally, the annual contribution of $75,000 to each volunteer fire company was acknowledged, with considerations for potential adjustments due to inflation and changing financial circumstances.

29:45The mayor introduced a proposal to procure a vehicle for the buildings and grounds department. This initiative garnered general agreement from the council, although it raised questions about existing contractual arrangements offering a $225 monthly stipend to some employees. It was agreed that if a vehicle was provided, the stipend would cease, yet the allocation would remain in the budget to cover minor expenses associated with public buildings and grounds.

Signage at township entrances was also discussed, with the council expressing a desire for more aesthetically pleasing and welcoming signage. The mayor acknowledged previous efforts spearheaded by Dan that had not met quality standards, and the council requested further investigation into the matter.

The budget timeline was another focal point, with reminders of the April 7 introduction date and the May 19 public hearing. Ensuring compliance with the statutory 28-day notice requirement was emphasized, and the mayor expressed a commitment to expedite the process compared to previous years.

During the public comment segment, local resident John Church expressed gratitude for the council’s hard work on the budget and offered to draft a summary for distribution. Another participant praised the administration’s responsiveness and transparency, noting the increased flexibility and spending capacity in this year’s budget.