(Cherry Hill, N.J.) – Municipal taxes will not increase for a third year in a row, under the budget adopted Monday night by Cherry Hill Township Council.

The $66,632,773 spending plan introduced by Mayor Chuck Cahn in August will fund municipal services for Fiscal Year 2015, which began July 1.

“This budget reflects my administration’s belief that we have a responsibility to deliver a high level of municipal services, and to do so efficiently, effectively and responsibly,” Mayor Cahn said. “We continue to keep taxes stable, and are responsibly managing government spending, while working to aggressively pay down existing municipal debt. This is the result of effective management, conservative fiscal policies, and innovative thinking that has resulted in an immediate benefit to our taxpayers, and at the same time, built a solid foundation for our future.”

In his annual budget address to Council on Monday night, Mayor Cahn noted that, for the fiscal year ending June 30, 2014, the Township did not issue any new bonds or notes to fund capital improvements. Additionally, he noted that the Township is on track to pay down most of its existing debt within the next 12 years:
o 43% of the Township’s existing debt in 5 years;
o 92% of the Township’s debt in 10 years;
o 97% of the Township’s debt within 12 years.

At the same time, the FY15 budget continues to support local infrastructure through an $8.3 million Capital Improvement Plan that allocates $3.35 million for the maintenance of local roads, and $1.2 million to enhance and support our public parks and recreational facilities.

For more information on the Fiscal Year 2015 budget, contact the Mayor’s Office at (856) 488-7878 or e-mail MayorCahn@chtownship.com.