Budget intro postponed as new Sandy funds may come in
City could be reimbursed for loss of parking meter revenue
The city council postponed introduction of the 2013 municipal budget after learning that they could receive more federal funds to remediate financial losses caused by Hurricane Sandy.
The state’s Department of Community Affairs [DCA] has notified all of the municipalities impacted by the storm that federal funds are available for loss of revenue, Reidy said. The Federal Emergency Management Agency [FEMA] offers funds when municipalities lose money due to natural disasters, he said.
The city’s paid parking system has been out of commission since the storm hit on Oct. 29, 2012, and damaged 57 pay stations. FEMA’s Community Disaster Loan Fund could provide some money to mitigate that financial loss, Reidy said.
The city will determine how much revenue it received from parking from October through March in prior years, Reidy said.
“That’s a number we can send to FEMA,” he said.
Creating a municipal budget involves anticipating revenue and costs. FEMA loss of revenue funds could add to the city’s anticipated revenue for the year, Reidy said.
The state instructed municipalities eligible for loss of revenue funds not to introduce their budgets until they find out if they will receive FEMA money for those losses, Reidy said. Instead, municipalities can wait to introduce their spending plans until April 10 or the next council meeting after that date, which for Asbury Park is April 17.
Reidy met with a fiscal representative on Monday to walk through the guidelines, he said. Eligible municipalities will also participate in a phone conference next Thursday with the DCA.
