Peters officials last night spent two hours rehashing the 2009 budget to make up for an estimated $715,000 shortfall in real estate transfer taxes and other fees associated with development.

The chief subject of debate was whether to move forward with a $3 million planned expansion of Peterswood Park and the scope of the final project.

Council is expected to review several options at meetings later this month, including a possible $5 million bond issue to fund major park improvements for the next five years.

Council members discussed likely real estate tax increases in the coming years and came up with about $900,000 in savings and deferred projects that should offset the lost revenue for now.

The township had experienced steady growth during the past two decades, but the recent economic downturn slashed revenue projections by about 70 percent this year.