In 2007 Money Magazine named Moorestown, NJ as the best place to live ranking it as the number one spot in the yearly analysis of cities and towns all across America.
How quickly things change. Moorestown, NJ is now in financial hardship and may have to layoff employees. This story is of particular interest to me as Moorestown is in the area where I reside.
In early 2008 NJ Monthly magazine oozed with puffery:
Sprawling estates are set back from the road or clustered in new developments, while smaller homes kiss the sidewalk in older neighborhoods. Throughout town you’ll see For Sale signs, but all the recent attention hasn’t pushed Moorestown’s housing prices to the stratosphere—at least not yet. The average home price in Moorestown in 2005 was just under $483,000, according to the state Division of Taxation, a 61 percent increase since 2000. That average can be misleading, pumped up by new and old mansions that dot the town. Housing values vary widely, with most homes priced from $250,000 to $2 million.
Then there’s the 45,000-square-foot hilltop home of Vernon C. Hill, chairman and CEO of Commerce Bank; known as Villa Collina—a bit of wordplay; collina is Italian for hill—it may be the largest private residence in New Jersey.
"Moorestown has more of what every buyer wants,” says Maria Giarratano of Prudential Fox & Roach Realtors in Moorestown. If you’re looking for new developments, Moorestown has them: A cluster on the east side of town ranges from modest single-family homes to multimillion-dollar showpieces. If you want to break out of the cookie-cutter model, Moorestown is full of Victorian homes that evoke a traditional small-town feel. But expect to pay more the closer you live to Main Street, with its toy store, ice-cream parlor, lots of crosswalks and benches, and, of course, Starbucks. Main Street is Moorestown’s heart, the center for activities such as the annual Halloween parade and winter carnival.
Moorestown is also home to Computer Science Corporation, PNC Bank, and Lockheed Martin, Burlington County’s largest employer, with 5,000 workers. Routes 73 and 295 connect Moorestown to office parks in nearby Marlton, Mount Laurel, and Cherry Hill.
Owens and Hill are hardly the town’s only big names. Moorestown has a history of attracting the rich and famous. The suffragist Alice Paul was born there in 1885. Town resident Samuel Leeds Allen invented the Flexible Flyer on Stokes Hill in 1889—and, yes, kids still sled there. Eldridge Johnson, owner of the company that became RCA Victor, called Moorestown home. And a string of professional athletes have settled in Moorestown over the years, among them Eagles quarterback Donovan McNabb.
How fast things can change:
"What we face is what all towns are facing — significant budget challenges," Gallo said. "Council’s job is to act responsibly for a long-term, sustainable way to take care of employees and provide services to the town."
Mayor Daniel Roccato said the township is asking unions to agree to forgo a raise this year and to have employees contribute 1.5 percent of their salaries to the cost of health benefits.
"We want to realign some employee costs and to have informed, reasonable discussion about how we can work together to create a more sustainable budget and to avoid layoffs," he said.[…]
As of Monday night’s deadline to respond, township officials said none of the unions had agreed to reopen negotiations.[…] (Courierpost)
Also this:
[…] Moorestown’s school board, which initially planned to cut more than 40 jobs and raise taxes by $80 on an average house, has had to re-examine those measures after the (State) spending freeze claimed $1.4 million, said Superintendent John Bach. "We face several stark choices," he observed in a budget overview.
How quickly times can change. In 2007 Moorestown enjoyed a $5 million budget surplus. Today the town is in financial chaos as it tries to open up and renegotiate existing contracts to cut costs. The school board is facing spending cuts and layoffs, and town services are also likely to be curtailed in the future.
Once the number one town in the nation, now just another town facing financial strife. Moorestown is still a very beautiful town, but internally it is facing significant hurdles.
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