A Message From:

Mayor Barbara L. Cannon

I am presenting the 2004 SFY Budget to you. This is an extremely tight budget. The proposed tax rate is $.76 per $100, reflecting a 3 cent increase; however, this tax rate is still at the same level that it was in 1993.

I am encouraged by the tax collection rate of 99.52%. This was Old Bridge’s highest collection rate in over 15 years and helped support our Surplus Balance.

As promised by the Administration and Council to the Bond Rating Agencies, this budget begins to restore Surplus Balances to levels that will allow Old Bridge to maintain its present ratings. Surplus Balance after usage in the SFY 2004 Budget will increase by $190,417.82 to a level of $1,301,815.09. This should convince Rating Agencies as to Old Bridge’s commitment to fiscal responsibility.

It should be noted, that I have added no new positions in the SFY 2004 Budget. I have eliminated purchases for the Administrative car pool and reduced the requested purchases for the Police car pool.

We are faced with a national economic slowdown – large declines in revenues and increased fixed costs. At the same time, we must continue to operate a full service community, maintaining services and meeting the needs of our residents. Even though state aid rose only slightly from last year’s levels and interest rates have plummeted to around 1%, and the decrease in revenues has left us with less dollars to invest, we have managed to keep the municipal tax increase to a minimum.

With Council’s cooperation, we will be applying for Extraordinary Aid – hoping to lessen the tax increase. Together, the Administration and Council will lobby for an increase in Extraordinary Aid from the State.

Now and in the past, the administration and the Finance Department have advocated conservative revenue projections, exercised cautious use of appropriations and recognized the need to maintain a viable surplus and adequate reserve funds. This philosophy should prevail going forward. Deviations from these policies by the Governing Body in the past, no matter how well intentioned, have left the Township in a vulnerable position during these difficult times. SFY 2004 is not going to return us to the boom years of the late 90’s. Wise decisions and a conservative approach will get us through in the best financial position. I urge the council and the residents of Old Bridge to join me in this challenge.