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New Providence introduces $28.1 million 2026 budget; council sets April 28 public hearing
Summary
Council introduced a $28.1 million municipal budget that would raise the municipal tax levy by 3.42% (about $131 on the average assessed home) and outlined a $2.6 million capital plan that includes stormwater work, road resurfacing and public‑safety equipment; a public hearing and final vote are scheduled for April 28, 2026.
Borough officials presented the administration’s proposed 2026 municipal budget and a multi‑year capital plan during the March 24 council meeting.
Finance presenters said the proposed operating budget is approximately $28.1 million and would produce a municipal tax‑rate increase of 3.42%, which the administration estimated would equal about $131 additional per year on the average assessed home in New Providence. Speakers cited non‑discretionary cost drivers — including insurance increases (health insurance up 18% in the narrative), pension costs and tax appeals — and said the borough pursued operational efficiencies, shared services revenues and grant opportunities to reduce the tax burden.
The council described a proposed capital program of roughly $2.6 million for 2026 that lists pedestrian safety upgrades, stormwater pipe and drainage work, road resurfacing, curb and sidewalk repairs, wastewater treatment plant needs, EMS and police radio replacement, fire apparatus and Centennnial Park/Warner Field improvements. Presenters also outlined a forward‑looking multi‑year capital plan designed to spread costs over asset lifespans and preserve the borough’s AAA bond rating; the administration said maintaining that rating reduces long‑term interest costs (the presentation noted a 20‑year bond with the rating would save about $1.3 million over the bond life in interest costs compared with lower ratings).
The council introduced an ordinance allowing the budget to exceed the 2025 appropriation cap (cap bank) and approved the introduction of the municipal budget; a public hearing and adoption were scheduled for April 28, 2026 at 7:30 p.m. in the municipal building. Officials said the budget will be posted on the borough website for public review before that hearing.
Other finance items discussed during the meeting included bills‑payable and several routine resolutions authorizing contracts and grant applications (including an NJDEP Urban Forestry grant application for $20,000 and a planning‑services appointment). Council recorded roll‑call votes on the consent package later in the meeting.
Next steps: the borough will post the proposed budget and materials to the municipal website. The council will hold a public hearing and vote on April 28, 2026; planning and engineering referrals tied to capital projects will proceed through standard procurement and project‑approval channels.
