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Palmyra Council adopts $11.09 million 2025 budget, approves CAP bank ordinance
Summary
The Borough of Palmyra adopted a $11,090,654.96 municipal budget and approved Ordinance 2025-01 to establish a CAP bank; council votes were 4 in favor, 1 abstention for both measures. The budget raises the local tax rate modestly, adding roughly $57 a year to the average home.
The Borough of Palmyra Council on May 5 adopted the 2025 municipal budget totaling $11,090,654.96 and approved Ordinance 2025-01 to exceed 2025 appropriation limits and establish a CAP bank under N.J.S.A. 40A:4-45.14.
At the meeting President Timothy Howard opened the public hearing on the budget and, after no members of the public spoke, the council voted to adopt the budget by resolution. Borough administrator Mr. Gural summarized the tax effect: the local tax rate rises to 1.46123 cents per $100 assessed value, a 3.7-cent change that the administration said translates to an average homeowner increase of $57 (about 2.69% over last year, using the borough’s stated average assessed value of $148,916).
Council also held the required public hearing on Ordinance 2025-01 (to establish a CAP bank) and approved the ordinance. The motions were made and seconded on the record; roll-call votes for both the budget adoption (Resolution 2025-137) and the CAP bank ordinance recorded Natashia Latimore, Sean O’Connell, Jessica O’Connor and President Timothy Howard as voting in favor; Richard Dreby abstained on both items. No council members voted against either measure.
Why it matters: adopting the municipal budget funds borough services and capital plans for the year and the CAP bank gives the borough limited flexibility under N.J. budget law (N.J.S.A. 40A:4-45.14) for addressing appropriation limits in future years.
What’s next: the borough implemented the budget and ordinance immediately by resolution vote at the meeting; any administrative implementation or capital spending tied to the budget will follow normal procurement and ordinance procedures.
Vote details and record: Ordinance 2025-01 — motion by Sean O’Connell, second by Natashia Latimore; roll call: Latimore, O’Connell, O’Connor, President Howard — yes; Dreby — abstain. Resolution 2025-137 (budget adoption) — roll call: Latimore, O’Connell, O’Connor, President Howard — yes; Dreby — abstain.
