(Cherry Hill, N.J.) – There will be no municipal tax increase for Cherry Hill residents for the second year in a row, under the budget adopted unanimously by Township Council on Thursday night.

The approved $64.7 million spending plan is approximately $542,000 less than the budget adopted for the previous fiscal year.

“This budget continues to give Cherry Hill taxpayers responsible and efficient government. We have kept taxes stable and reduced government spending, while continuing to provide a high level of programs and services,” said Mayor Chuck Cahn.

“This is the result of effective management, conservative fiscal policies, and truly innovative thinking that has resulted in an immediate benefit to our taxpayers, and at the same time, built a solid foundation for our future.”

The Fiscal Year 2014 budget reflects savings on debt service, the continued use of grants to offset taxpayer dollars in funding programs and services, and a greater investment in infrastructure. It allocates $8.3 million for capital improvements, including $3.45 million for the maintenance of 260 miles of Township roads, $2 million for sewer upgrades, and more than $570,000 for parks and recreational facilities.

The budget is supported by a strong tax-collection rate and a positive credit rating (Aa2) from Moody’s, which recently cited Cherry Hill’s “healthy financial position” in reaffirming its high rating.

“Council is proud to deliver Cherry Hill taxpayers a budget that is both fiscally responsible and provides the best possible programs and services,” said Council President David Fleisher. “Together with the Mayor, we remain committed to the kind of innovative thinking and smart money-management that will stabilize municipal taxes now and in the future.”

For more information on the Fiscal Year 2014 budget, contact the Mayor’s Office at (856) 488-7878 or e-mail MayorCahn@chtownship.com.