Bergen County introduces 2024 budget. Here's what it means for taxpayers

HACKENSACK — Bergen County's 2024 budget will increase by 2.27% over the current one, which means the tax bill for the average assessed home of $530,000 will see an annual increase of $32.02.

County Executive James Tedesco presented the 2024 budget during Wednesday's work session of the Board of County Commissioners. He said it was earlier than normal because of the state's changed deadlines.

"There are some increases and very few decreases because most of what we do is provide necessary services for Bergen County," Tedesco said. "So, it's hard to reduce. We try to do better by gaining more revenue and that's why we're able to keep up the level of services with zero or minimal increases year to year."

Some of the critical services the county provides, Tedesco said, include Bergen New Bridge Medical Center and expansions in the Department of Human Services for veterans, seniors and residents with disabilities.

During the meeting, the County's Chief Financial Officer Jon Rheinhardt said the county learned earlier in the week that Moody's Investors Service sustained the county's AAA bond rating, which is the highest achievement given. A high bond rating is a sign of a positive financial outlook and low interest rates that can be shared with towns.

What's in the budget?

The total $712.2 million budget accounts for community safety, education, critical services, public infrastructure and parks and recreation.

The 2023 budget total budget was $670.98 million with an annual tax increase of $45 for the average assessed home, which was $500,000 at that time.

A breakdown of the budget shows 27% is going toward statutory and state mandates, such as health insurance and pension payments, 23% going toward community safety, which includes the Sheriff's Department, Bergen County Prosecutor's Office and the newly formed Bergen County EMS services.

Capital and park improvements are also included in the budget, which calls for resurfacing 36 miles of county roads in 2024 for $35 million, Tedesco said.

“This preserves all services, provides for future needs and yet moves the county forward,” said Tom Duch, the county administrator and counsel. “We are laying the foundation for our economic future.”

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Budget planning

This was the first public presentation of the budget. Commissioners and officials will continue to meet with department heads to go over the line items before the budget is formally adopted.

This is also the last year the county will receive American Rescue Plan funds, federal funding that was dispersed to state and local governments to help recover from the pandemic.

Duch said this is something the county has anticipated and prepared for.

This year's budget includes $39.6 million in the American Rescue Plan money. "The budget provides for a moderate tax increase," Duch said. "I'm comfortable presenting the budget knowing that next year is a year of challenges. We've worked hard to increase the fund balance significantly in the last few years."

Duch said the "strength of the county" is evident in the ratable base that continues to grow and people that continue to live and work here.

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"People aren't leaving Bergen County," Rheinhardt said. "They're staying here and investing."

Bergen County's total rateables growth is up 2.66% and it has the strongest property values in the state totaling $226 billion, which is 19.5% higher than any other county, Rheinhardt said.

Helping to keep the budget increase low was money found in interest revenue that continues to grow. There was a $6.87 million increase in interest revenue from 2023, with projected interest revenue expected to be $10.275 million this year.

The financial staff took a closer look at money not earning interest and found ways to reinvest it, Tedesco said.

In 2017, the interest revenue was about $450,000. "That growing in interest revenue is one thing that helps us afford the budget," Rheinhardt said.

This article originally appeared on NorthJersey.com: Bergen County NJ 2024 budget: What it means for taxpayers