FOR IMMEDIATE RELEASE: FEBRUARY 13, 2019
PASSAIC COUNTY BOARD OF CHOSEN FREEHOLDERS INTRODUCE 2019 BUDGET WITH NO INCREASE TO TAX LEVY
Holding the line on taxes through sound fiscal management and maintaining financial and operational efficiency
(Paterson, New Jersey) – On February 12, 2019, the Passaic County Board of Chosen Freeholders introduced the 2019 budget with no increase to the tax levy. The 2019 budget reflects continued efforts to regenerate and grow fund balance ensuring financial stability, proactively increasing reserve accounts to protect taxpayers, and engagement with municipalities and school districts to continue implementing share services agreements. Furthermore, the Freeholder Board is continuing its investment in improving the Passaic County Park System, is funding vital programs protecting seniors, veterans, and Passaic County’s most vulnerable citizens, and is executing its plan to invest in key infrastructure assets vital to economic development.
“The 2019 Passaic County budget is being introduced with no increase to the tax levy – a testament to the sound financial practices and policies implemented by the Freeholder Board. There are no financial gimmicks in this budget. On the contrary, proactive appropriations into reserve funds protecting taxpayers from unforeseen financial liabilities. And as important, we continue to invest in Passaic County’s infrastructure, parks and historic sites, and economic development initiatives that are vital to our future,” stated Passaic County Freeholder Director John W. Bartlett.
Over the last three years the average tax levy increase has been zero point sixty two percent (0.62%) – well below the mandated two percent (2.00%) statutory property tax cap. Additionally, there has been one hundred and forty two percent (142.00%) increase in fund balance – bringing Passaic County’s reserve surplus to historic levels. In 2013, the County of Passaic had just under three hundred thousand dollars appropriated for workers’ compensation, health benefits, liability insurance, snow removal operations, payment of accumulated absences, unemployment compensation insurance, and payment of the County Pension Plan. Now, there is over forty four million dollars appropriated in restricted reserve accounts to protect Passaic County taxpayers and allow budgetary flexibility limiting the likelihood of significant tax increases in the future.
“Passaic County’s record speaks for itself,” stated Budget Committee Chairman Pasquale “Pat” Lepore. “This is a responsible budget built upon a strong foundation of conservative fiscal policies that protect Passaic County’s taxpayers. The long-term budgetary planning implemented by the Freeholder Board is now paying dividends. There is no increase to the tax levy, but we still managed to increase our fund balance to historic levels and appropriate monies to restricted reserve accounts to protect Passaic County against unforeseen financial liabilities. The future is bright in Passaic County.”
CONTACT: KEITH FURLONG, (732) 687-0880