Monthly Archives: February 2017

Possible Impact on West Deptford by Loss of Top Taxpayer

What does it mean when Axeon departs WD?

Axeon is one of the top taxpayers, contributing over $2.1 million to revenue by taxation (See Assessment Report), that is, Axeon pays over 10% of WD revenue by taxation ( See WD 2016 Budget, Revenue by Taxation highlighted- for 2016 revenue by taxation was over $20 million.)

Let’s hope our state legislators intercede to prevent this closure.
Yet, the changing face of the petrochemical industry in West Deptford and the loss of large amounts of taxes by these closures or downsizing severely impacts our town.

The solution is only resolved by Township Committee action to proper fiscal control of all appropriations in the township with the loss of revenue on the horizon.

As a footnote and a reminder, we are still paying almost one third of our budget to debt payments ( approx $9.4 million- see attached sheet 27 from 2016 budget )

THE GOOD, THE BAD, AND THE UGLY

The Good:

Lamatek, Inc located in the Forest Parkway Industrial Park, off of Mantua Grove Road, in West Deptford, announced expansion of its operation, which may involve additional employment of 20 workers in the coming years.

http://www.nj.com/…/2…/02/lamatek_expands_manufacturing.html

The Bad:

Axeon Specialty products, formerly NuStar Asphalt Refining, LLC is planning to shut down its operation that is situated in Paulsboro and West Deptford. For West Deptford, that may be a loss of over $2.19 M taxes; for Paulsboro, loss of $1.4 M. Reportedly, 100 jobs may be lost.

https://www.youtube.com/watch?v=SmNJ8Op5pFk

http://www.cnbc.com/…/reuters-america-axeon-plans-to-shutte…

The Ugly:

Besides the loss of jobs for our area, especially many of those jobs performed by WD residents, the potential loss of one of the top tax payers in the Township will adversely affect everyone.

Let’s watch how our Township Committee approach the pending closure and possible loss of revenue for this year’s budget, 2017, or for 2018.

Is it time to watch the purse strings and display fiscal constraint in budgetary matters?