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Bridgeport projects $1.18 million 2025 surplus, warns of lower 2026 revenues as Riverpointe winds down
Summary
Borough finance presentation projected a roughly $1.18 million surplus for 2025 driven by one-time Riverpointe fees but warned that several one-time revenue lines will fall sharply in 2026, forcing choices among tax increases, borrowing or cuts.
Bridgeport’s chairman presented the borough’s year-end finance review on Oct. 28, reporting stronger-than-budgeted 2025 revenues but warning of a projected revenue decline in 2026 tied to the Riverpointe development.
The presentation said the 2025 general-fund budget was set at $6,347,500; actual year-to-date revenues were $6,807,992 and the projected year-end revenue figure was $7,531,587, yielding an estimated surplus of about $1,184,017. "We're looking at a potential projected surplus of $1,184,017," the chairman said, characterizing the projected surplus as about 15.7% of projected revenues.
Officials cautioned that a portion of 2024–2025 revenue was a one-time boost from Riverpointe-related permit, impact and transfer taxes, and that those line items will fall in 2026. Examples given: real-estate transfer tax rose from $254,000 in 2023 to $553,894 in 2024, year-to-date 2025 receipts were $531,716, but 2026 is projected at $150,000; building permit fees are projected to fall from 2025 totals to a 2026 projection of $125,000; miscellaneous nonrecurring impact fees were $224,000 in 2024 and year-to-date just shy of $227,000 in 2025, with a 2026 projection of $50,000.
The chairman said the decrease in recurring revenue is primarily the result of the Riverpointe development approaching completion and noted Lennar has sold home-building rights while PRDC remains the overall property owner for part of the site. He listed options for addressing future shortfalls: increase property taxes, take on debt, or pursue budget cuts. He also noted specific cost pressures, including a projected 9.7% increase in the borough's residential trash-collection contract (rising from $821,001.84 to $901,188).
Council members asked clarifying questions about whether Lennar was still building the apartment complex; administration said the apartment building had not yet been constructed and PRDC seeks partners or buyers given current financing conditions.
At the meeting’s close, the chairman said draft budgets for general and sewer funds will be presented at the next meeting, and council discussion will continue.
