The Gloucester County Board of Supervisors approved the educational materials for the 2023 bond referendum during its Sept. 5 meeting. The referendum which the board previously approved to be placed on this year’s ballot, would see the county fund a number of capital projects through long-term debt services totaling at $39,582,993.
The educational material explains the bond and how the county will afford the bond through a proposed $0.02 real estate tax increase. If approved by voters, construction of the projects would begin between 2024 and 2029 with all construction being completed by 2032.
The increase in the real estate tax rate is not a guarantee; rather, it would give the board the ability to do so for the purpose of supporting these projects. The referendum does not account for future economic growth in the county nor does it account for any other sources of income that may arise over the course of the debt’s lifespan. The board would also have the power to halt the borrowing a...