Cranbury working on 2008 budget

[news]

Cranbury working on 2008 budget
By Maria Prato-Gaines, Staff Writer

Posted: Friday, February 8, 2008 10:40 AM EST

CRANBURY — Officials say township debt should increase this year, a result of it meeting its affordable housing obligations.

Township officials wrapped up a series of budget workshops Saturday after assessing where the township stands on debt and municipal salaries and wages.

Financial Officer Denise Marabello said the township’s debt stands at $23,556,681 and will likely increase over the next year.

”We have at least a $1.7 million ordinance in place for affordable housing, beyond that I’m not sure,” she said, concerning the future of debt growth.

For more than a decade now, the township has been building up debt on a number of improvement projects including sewer and general capital improvements, as well as the purchase of farmland preservation, Ms. Marabello said.

Ms. Marabello said that in the past year the township has managed to pay off $1.8 million of its debt for Barclay and E. Barclay properties.
Cranbury officials say they’re trying to find other ways to limit increases in debt.

”We are going to be refinancing bonds,” Ms. Marabello said. “We’ll be refinancing to lower the interest rates.”

These bonds were sold in 1998 and 2002 for various projects and have an average interest rate of 4.5 percent, she said.

As for the compensation portion of the budget meeting, Ms. Marabello said it is typical for municipal salaries to see an annual increase but that she wasn’t sure by how much at this stage of the process.
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http://www.packetonline.com/articles/2008/02/08/cranbury_press/news/doc47ac6ebfea022703211919.prt