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The City Council has put forth a municipal budget that results in a $166 increase to the average home owner.

The 1.28 municipal tax rate will remain the same as last year, Chief Municiapl Financial Officer Ricky Gartz said.

“The average homeowner will see an increase of approximately $166 due to the average assessed value of a home increasing by approximately $13,000 from 2014,” Gartz said.

Asbury Park participates in the new Monmouth County Tax program that assesses homes at full market value every year instead of every 10 years.

This means tax bills are now based on the revenue the town needs to raise through taxation as well as the new assessments.

Gartz said the average home is now assessed at $227,251 and this year’s municipal tax levy increase is $445,000.

Adoption of the local budget is on hold until the state releases the city’s transitional aid allotment, Gartz said. But for now, the 2015 budget includes an anticipated $1,955,000 in transitional aid, 85 percent of last year’s $2.3 million award.

Mayor John Moor said if the transitional aid is lower than their anticipated award, the city will have to find ways to make changes to the 2015 spending plan before a final adoption.

The close to $41.8 general appropriation budget is a 3 percent increase over last year’s $40.6 million spending plan.

The operating budget increased $1.2 million, due in part to increases in public safety, engineering and group insurance rates, Gartz said.

Group insurance increased $500,000, public safety by $600,000 and engineering by $230,000 – the cost attributed to hiring an outside engineering firm, Gartz said.

There were no comments against the 2015 budget during a April 22 hearing that allows the public to comment or question the spending plan.

The 2015 budget is available on the city’s municipal website.

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