Today, I, along with my colleagues on the Board of County Commissioners are introducing the 2022 Cape May County budget, which includes a tax rate that does not increase and has benefitted from sound fiscal planning and a booming real estate market. The County’s spending plan once again relies on conservative revenue projections and keeps the number of total employees flat year-over-year. The total budget for this year is $200.1 million dollars. The tax rate is projected to be .2344, representing no increase over the prior year. The tax levy to support the budget is $149.5 million.
As a result of the prudent financial decisions the Board of County Commissioners has enacted over recent years, the County has consistently maintained a strong bond rating. The surplus is strong and protects the County against any future uncertainty.
The budget will ensure that essential services are maintained and has increased the number of projects that will be paid without borrowing including an expanded maintenance paving budget, heavy equipment and vehicle replacements, and mechanical upgrades to various campus buildings. The County continues its path forward and commitment to the replacement of our bridges while also making various improvements to the Park & Zoo, Public Safety Academy and many other core needs.
We continue to see some encouraging signs regarding the health of the economy in Cape May County this year as we look to build on 2021, which was a banner year in many aspects. Cape May County is alive and well and open for business.
Thank you once again to all who took part in this budget process and for this spending plan that is fiscally responsible, has a zero-tax increase, and meets the needs that our residents have come to expect from County government.