Like every household in town, the Borough is also feeling the effects of the pandemic on our budget. Managing municipal finances is a challenge in a typical year, but COVID has meant a steep reduction in our revenues and increased costs in other ways, like it has for many of you personally. In July, we introduced a budget that will increase the taxes on the average assessed home by $54.
Like all towns, Collingswood derives revenue to offset costs from multiple sources, almost all of which were down severely in 2020 due to COVID restrictions. Some of these revenues come from parking fees, rentals of the Community Center and Scottish Rite facilities, construction inspections, recreation fees and pool tags. All told, our revenues are down an estimated $675,000. Meanwhile, operational costs for Borough services increased during the pandemic.
We were able to introduce a budget that will keep Collingswood running and has little impact from the construction of a new $14 million public safety building that we expect to complete in the first half of 2021. We are selling some Borough owned properties (such as the 641 Haddon, the lot next to Grooveground) that will generate long and short-term revenue and we will also receive $350,000 in CARES funding from Camden County to offset COVID related expenses.
Thanks to our municipal staff who helped put together this budget and to departments that will tighten belts and have managed to provide exemplary service during this crisis. The budget will be considered at a public hearing on August 26 at 7pm via remote conference (Zoom). Details to view that meeting are on Collingswood.com.
See the budget as introduced on July 28 in our document center here.