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The Asbury Park City Council introduced a 2018 budget Wednesday that comes with a lowered tax rate and, for the first time in years, calls for no Transitional Aid support from the state.

“That’s a huge, huge thing for Asbury Park,” Deputy Mayor Amy Quinn said.

Capabianco said while they requested no transitional aid dollars, the municipality will remain under the State’s management supervision.

“They will still have a say in hiring and firing; how we operate,” he said.

The $47 million spending plan is a 4.4 percent increase over last years $45.06 million budget but comes with a lowered 1.059 tax rate; a 16.48 percent decrease from last year’s 1.268 tax rate.

This means the average assessed home valued at $297,820 will see a decrease of $46.66 in their municipal tax bill, Capabianco said.

“Last year the average taxpayer had an increase of $101,” he said.

CFO JoAnn Boos said the city received $2.3 million in transition aid in 2014. The budget drivers, she said, included pension, increased costs for maintaining the city utilities, salaries, maintaining a trust for retirement payouts, and software upgrades. There is also a continued emphasis on repairing infrastructure, city officials said.

The budget shows no increase in the city’s beach, sewer and parking utilities. Boos said $872,00 from the parking utility was used to offset the budget, the same as last year’s allotment. While proceeds from any utility must be used for that utility, after two years any unused monies can be used to offset the general fund.

The tax decrease is mainly attributed to an increase in property values, Capabianco said. Last year the average home was assessed at $252,411. Tax Assessor Erick Aguiar said the city’s property values increased by 20 percent over last year, representing a strength in the local real estate market.

“Financially we are learning to walk,” Capabianco said.

Mayor John Moor agreed.

“This is something this City Council has been working toward for five years,” Moor said. “We were happy for a flat tax but to reduce the tax, like Michael said we are starting to walk. Hopefully in a few years we will  be trotting or running.”

In a written statement released Thursday, Councilman Jesse Kendle said:

“For the first time in many years, the City will not be reliant on the State to plug the budget with Transitional Aid money. I cannot express how happy myself and the rest of the governing body is that we are becoming more stable financially and are no longer in need of State assistance. It just shows that if you make smart decisions in the best interest of the City, good things will happen.”

Moor added:

“I’ve lived here for over 35 years and raised my family here. I’ve seen the good times and the bad times that now seem to be ending. I’m tremendously thankful for everyone’s patience while we righted the fiscal ship. We have been working towards these goals for four years and are incredibly proud of the strides the City has made in ensuring its financial health. As we move forward with growth in Asbury Park, it’s important that we have a stable foundation.”

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