The city’s bond rating has received a downgrade from Moody’s Investment Services, as a result of the risk of a state aid cut to municipalities — particularly the type of aid received by cities such as Asbury Park. Investors who buy bonds — basically, who are providing their money for a loan — look to […]

The city is going out to bid for its pending revaluation once more — but officials say this will not keep the reval from happening by 2014. Municipalities undergo property revaluations approximately every decade to ensure that the assessment of properties for tax purposes aligns with actual property values. Property owners pay taxes based on […]

The city is borrowing about $850,000 to fund several projects that were previously approved by the council. These costs “had not [been] provided adequate liquidity or cash,” Kaplan said at the Dec. 5 council meeting. One ordinance was to fund the new senior center, built in the Springwood Center on Springwood Avenue. That project cost […]

City finance officials have reduced the amount of money to be borrowed to make up for a budgetary shortfall from $1 million to $650,000, city manager Terence Reidy announced at the Nov. 19 council meeting. The council originally passed a resolution authorizing the city to borrow $1 million to make up the difference, but the […]

Damage associated with Hurricane Sandy could cost between $12 million and $13 million, city manager Terence Reidy said at the Nov. 19 council meeting. The city will make an emergency appropriation to cover some costs now, and seek FEMA [Federal Emergency Management Agency] reimbursement in the long term. The cost includes overtime costs, damage to […]

The city scored 43 out of 50 on the state’s 2012 Best Practices checklist, said acting finance director Christine Paulin at the Oct. 3 council meeting. This likely ensures the city will receive 100 percent of its state aid. The city submitted its checklist to the state Department of Community Affairs [DCA] on Sept. 25, […]

State Senator Jennifer Beck on Oct. 3 called for an investigation by the State Division of Local Government Services of Asbury Park’s finances, according to a prepared release from her office. Beck [pictured at right] called for the investigation due to the recent announcement of a $1 million shortfall in the health insurance line item […]

The city learned of a $1 million shortfall in the budget at last night’s council meeting, but  also received some good financial news — despite the budgetary discrepancy, Asbury Park’s bond rating has slightly improved. Previously, the city’s rating was Baa1 with a negative outlook. That negative outlook has been removed, making the city’s rating […]