Officer Herndon and Police Chief James Waters show councilmembers at the Sept. 16 meeting how a new load bearing vest would protect officers. Bob Wieland/Princeton Herald

The Princeton City Council has adopted a budget, set the property tax rate, approved higher water and wastewater rates and imposed a moratorium on new residential construction. 

A final vote on a 120-day moratorium on all new, expanded or modified residential property development will take place at council’s regular Monday, Sept. 23, meeting.

The city will spend 59% more in Fiscal Year 2024/25 than it did in FY23/24. The total financial expenditures would increase from $70.8 million to $112.7 under the budget adopted at a special council meeting Monday, Sept. 16.

Councilmembers wanted to keep property taxes low by focusing on revenue diversification and maintaining the same property tax rate of just over 44 cents per $100 valuation.

But since the taxable value of the average homestead in Princeton increased by 8% to $328,000, the tax bill on a homestead of that value would go up $109 for a total bill of $1,443, said Interim Finance Director Charles Cox.

Public hearings were opened on the budget, tax rate and moratorium proposals, but no citizens came forward to speak.

To keep pace with community growth, the budget allows the Princeton Police Department to hire seven new officers and obtain 25 new police vehicles. Salaries will be adjusted to remain competitive with benchmark cities and prevent attrition. 

Three new firefighters will be added at better compensation and with major upgrades to their bunker gear.

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