Councilmembers considered the final budget proposal and tax rate during its most recent meeting.

As required by law, a public hearing was held for the budget and tax rate, respectively, during the Monday, Sept. 12 meeting. Princeton’s current fiscal year expires Sept. 30 with fiscal year 23 beginning Oct. 1 and concluding Sept. 30, 2023.

City Administrator Derek Borg presented both the budget and tax rate. Speaking after the meeting, he said there were no major changes to the proposed document that is posted on the city’s website.

Revenues for 2022-23 are budgeted for $19.6 million, a 29% increase compared to $15.2 million in the 2021-22 budget. Expenditures are also expected to increase 29% to $19.6 million in 2022-23 compared to $15.2 million this past fiscal year. 

For the second consecutive year, the budget is projected to be balanced.

The overall revenue from ad valorem taxes is budgeted to increase by $2.8 million to $7.4 million compared to $5.5 million budgeted for 2021-22. According to the city’s proposed budget, ad valorem taxes will constitute just over one-third, 36%, of city revenues.

Over half of the city’s budgeted expenditures for 2022-23 come from public safety, which includes the police and fire departments. 

Police expenditures are budgeted at $5.1 million for 2022-23 compared to $3.97 million in 2021-22. Similarly, the fire department budget grew to a proposed $5.7 million, compared to $3.9 million budgeted for this past year.

During the public hearing, Elamurugu Vaiyapuri addressed council, saying he wanted council to delay approval of the budget to give him and other residents more time to look at the numbers. The three days it is posted in the agenda is not enough to review the over 200-page document, he added.

After the meeting, Borg said approval at the meeting was necessary to get the final budget and tax rate to the county prior to the end of the fiscal year.

Another resident spoke during the public appearance portion of the meeting about the need to increase the library’s budget for the next fiscal year. 

“As the city expands, so should the resources,” he said. “What is the point of having a library if nobody can use it?”

Council cannot take action on public comments but can take them under advisement. It did not take any action to make further increases beyond the projected $43,383 in the final budget.

After the public hearing, councilmembers approved the budget.

For the full story, see the Sept. 15 issue of The Princeton Herald.