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Waldwick council warns of shrinking surplus and possible tax increases
Summary
Council finance chair presented figures showing the borough used $2.5 million of surplus to balance the 2025 budget and faces a continuing depletion of reserves amid rising expenses; council scheduled budget presentations and flagged potential tax increases to stabilize finances.
Mr. Monelloo, speaking for the borough’s finance committee, told the council that Waldwick’s budget is organized into three parts—the general budget, capital projects and a separate water utility budget—and that the town’s finances are showing signs of stress.
“Maintaining low taxes is required using additional surplus, which is unsustainable long term,” Mr. Monelloo said, summarizing the central trade-off facing the council.
He reported the borough’s general appropriations were roughly $16 million (excluding school and county levies), total municipal revenues of $58.8 million with…
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