Hardyston adopts 2015 budget

HARDYSTON — The Hardyston Council adopted its 2015 municipal budget totaling $10,871,731, calling for a 1.2 percent increase in the tax levy.

The levy will increase by $86,663, meaning the average township home — evaluated at $231,540 — will pay $19.65 more than the year before. The budget falls below the state's 2 percent cap.

The budget calls for revenues from extended shared services, controlling the expenses, and provides multiple cash funded capital improvement projects. This includes replacement of the police department and the municipal IT servers, a purchase of a single-axle dump truck with wing-plow assembly that will replace the unit bought in 1997, and road resurfacing, which is consistent with the township's multi-year road re-surfacing project.

Moody's EvaluationThe Township auditor Chuck Ferriaoli, from Moody’s Investment Services, reported to the Hardyston Township Council members that the township’s recent refinancing will save the township $300,000 over the next 15 years.

Moody’s issued an official credit rating report of Aa2. Ferrialo reported “the Aa2 rating reflects the township’s strong financial operations with healthy reserve levels, sizeable tax base, strong socioeconomic profile and modest debt burden.

The report also states that “the financial position should remain strong in the medium term as management has a strong track record of stability. The township’s stable finances have been achieved largely by conservative budgeting.”