Franklin Council introduces 2023 budget, including 1.7% property tax increase
FRANKLIN − An $8.12 million operating budget was introduced by the Borough Council on Tuesday, which, if adopted without changes, results in a 1.7% property tax increase.
The proposed budget is an increase of $615,890 over the approved 2022 budget and includes contracted pay raises of 2.25% for employees working under contracts, according to Michelle LaStarza, the borough's chief financial officer, who began working for Franklin on March 1 and was not involved in putting the budget together.
She said much of the increase is in group insurance and pension contributions for borough employees. There was also an increase in the borough's contract with Blue Diamond for trash collection "and, of course, gas and diesel," she explained.
Because of a borough-wide revaluation this past year, Franklin's assessed property value went up to $622,845,625 for this year, compared to the $392,894,190 total of 2022.
The budget goes before a public hearing at the council's April 25 meeting.
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According to the resolution which introduces the budget, the borough expects to see revenues of $2,952,498 this year, leaving $5.17 million to be raised through the property tax.
Among revenue sources, the borough expects to collect $400,000 in new funds from cannabis permit fees. While there are no public retail stores in the borough, the budget's revenues shows a new line item of $400,000 in cannabis fees.
Ascend has operated a medical marijuana growing facility near the intersection of Munsonhurst Road and Route 23 for several years and has received permission to expand into the adjacent former armory building to grow marijuana for sales into the public retail market.
State law requires anyone involved in the various stages of growing, harvesting, processing, transportation and retail sales of marijuana obtain a state permit. The law also allows municipalities to levy their own tax on each of those operations.
The council has not granted any permissions for retail stores in the borough, however, was approached by a resident about the possibilities. Cynthia Barton said at that meeting that she was interested in opening a retail store and provided the council with information about state licensing requirements.
Mayor John Sowden said the subject would be brought to appropriate council committees for further discussion and recommendations to the full council.
More Franklin council items
In addition to the hearing on the budget, the April 25 meeting will include a public hearing on the borough's $2,694,100 water and sewer budget. The budget expenses are covered by anticipated water and sewer fees.
The council also voted to have Town Planner Jessica Caldwell make a report on a redevelopment plan for a large tract of land north of the Hardyston School and south of Weiss Market. The 41 acres, which had an address of 120 Route 23, is owned by Franklin 116 Development LLC with an address in Edgewater.
The council is also looking at a possible redevelopment study for 390 Rutherford Ave., a nearly two-acre property which also fronts onto Route 23.
This article originally appeared on New Jersey Herald: Franklin NJ Borough Council introduces 2023 budget
