City Council To Vote On $44.5 Million Municipal Budget
The Average Homeowner Would See A $91 Increase To Their Annual Tax Bill
The Asbury Park City Council will vote Wednesday on the 2017 municipal budget, which would raise raise the average assessed homeowner’s taxes by $91, down 40 percent from last year.
The $44.5 million budget is $2.26 million over last year’s $42.27 million spending plan, a 5.34 percent increase.
And while the proposed budget called for $850,000 in transitional aid, the city received $500,000 state support, City Manager Michael Capabianco said. The shortfall was met by a one-time revenue infusion from its land lease agreement with the Marlton-based Michaels Organization, developer of the upcoming westside Renaissance Project on Springwood and Sylvan avenues.
“In the Budget Law, there is a clause that states one-time revenues can be used if approved by the Division of Local Government Services,” Capabianco said.
The infusion amount appropriated totaled $500,000 and will be applied to the transitional aid shortfall and toward insurance increases, he said. This means the proposed 1.264 tax rate [unveiled in March] will remain in tact.
It translates to a $3,190 annual tax bill [a 2.89 percent increase] for the owner of the average assessed home valued at $252,411. While the tax rate decreased by .024 cents from last year, the city’s property values rose 5.8 percent from $1.295 billion last year to $1.373 billion this year.
“Our assessed valuation [rateables] has gone up $77 million, which is a good thing” Chief Financial Officer JoAnn Boos has said. “It means we are selling our properties, more people are coming into town.”
Budget drivers include increases in health benefit, contractual salary raises, as well as new hires being added to the city roll, Boos said. Increases were also seen in construction and code departments, due in part to the ongoing rise in development.
“With the new construction there are a lot more permits that need to be issued and then also they go out to inspect all the properties,” she said.
The budget also includes $872,000 of the parking utility’s $3 million fund balance. The parking utility took in $4.9 million in revenue in 2016.
The vote will take place during the City Council’s 7 p.m. Regular Session meeting at 1 Municipal Plaza. For more information, click here.
———————————————————————————————-
Follow the Asbury Park Sun on Facebook, Twitter and Instagram.
The Asbury Park Sun is affiliated with the triCityNews newspaper.
