By ROBERT LINNEHAN | The Cherry Hill Sun
As a way to keep down costs for the current budget year, Cherry Hill representatives decided to utilize the recently approved Pension Deferral Bill to keep tax rates stable for the next several years.
On March 16 the Pension Deferral Legislation was approved, which allows municipalities to reduce their state pension costs by 50 percent for 2009. It’s only available for one year and any municipality that decides to use the deferral would have to pay back the remaining costs by 2012.
According to the New Jersey League of Municipalities, any municipality that decides to take advantage of the deferral will have to demonstrate the need to do so and have the request approved by their local finance board.
Communications Director Dan Keashen said the township would be deferring about $1.7 million of its pension costs for this budget. The pension costs in the township total about $4.3 million for this year.
See this week’s print edition of The Sun for the full story.
