LAKE COMO, NJ — For the fourth consecutive year, Lake Como property owners will pay less in municipal taxes. Under a $3.54 million budget approved by the borough council on June 2, nearly $2.54 million will be raised through municipal taxation, translating into a savings of $2.4 cents on every $100 of assessed value.
As a result, the municipal tax levy will decline $101 to $2,392 on a home assessed at $425,000 — the borough average. Couple that with estimated flat or lower rates for school and county taxes, the total tax levy will fall by nearly $172 to $6,031 for that homeowner.
While there was no public comment before the council unanimously approved the 2020 spending plan, Borough Clerk/Administrator Louise Mekosh previously said that because of the coronavirus crisis, anticipated revenues have been decreased by a total of $55,000 in monies collected from municipal court fines, and construction and other fees and permits.
In addition, another $190,000 has been added to the borough’s surplus, which now tops $2 million — up from $1.75 million in 2018.
Other highlights of the 2020 budget include:
- Costs will rise $69,000 to nearly $1.32 million in the fifth year of a 10-year shared services contract with Belmar for police services. Lake Como pays 25 percent of Belmar’s annual police budget, excluding the cost of special police officers who are brought on during the summer season.
- Under a 10-year shared services agreement with Belmar for fire protection services, $30,600 has been appropriated for the third year of the pact. In addition, it will pay Belmar First Aid Squad $30,000 this year for its services.
- Its capital budget includes $25,000 earmarked for road improvements and nearly $5,000 for police capital improvements.
- It has set aside another $2,000 this year — and planning to do that same for the following three years — for the borough’s 100th anniversary celebration in 2024.
- Under the borough’s dedicated utility budget, its appropriation to the Monmouth Regional Sewerage Authority is $585,000 — compared to an actual expenditure of nearly $598,000 in 2019. In addition, it has budgeted $260,000 to New Jersey American Water Co. for the purchase of water, even though the actual expenditure for water in 2019 was $225,000.
- In terms of debt service, payments on bond principal is set at nearly $67,000 — compared to nearly $31,000 in 2019 — and interest on those bonds at $115,288 — up from $47,000 the previous year.
To view Lake Como's 2020 budget, click here.
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