Inflation is emptying Sussex Borough’s coffers faster than anticipated
With less than half the year gone, only about 45 percent of the budget remains.
| 13 Jun 2022 | 04:22
Sussex Borough is feeling the squeeze of inflation.
With five months of the year complete, Sussex Borough has burned through more than half its budget due to inflation that’s resulted in higher fuel prices and higher costs of materials.
When debt service is taken out, as well as the reserve for uncollected taxes, Chief Financial Officer Michel Marceau said with about 60 percent of the year to go, the borough is down to about 45 percent of its 2022 budget.
Marceau added that the biggest culprit has been the rising price of gasoline, which is approaching $5 per gallon, and utilities such as electricity and gas are costing more than borough officials had anticipated.
Similarly, the Borough’s municipal water-sewer utility has about 44 percent of its budget remaining.
“We’re really going to have to look at pinching pennies over the next seven months here,” Marceau said.
