RED BANK, NJ – The 2019 Municipal Budget for the Borough of Red Bank was introduced at the May 22nd council meeting, with a $23.m budget for 2019
To review the details of the budget, click HERE.
Estimated Budget Highlights:
Regional High School Tax: $9.8m
County Tax: $6.1m
Total General Appropriations (money set aside for a specific purpose): $21.9m
Reserve for Uncollected Taxes: $975,000
Total anticipated revenues are estimated at $8.7m
Total Estimated 2019 Budget: Appropriations + Reserve = $22.9m
Amount to be Raised by Taxation in Municipal Budget: $14.2m
With an average property tax assessment of $366,231 the municipal portion of the tax bill for each homeowner is estimated to increase annually by $50.85, or 2.23%.
Red Bank received over $2m in grants in 2018.
According to the borough website: “The budget reflects a fiscally responsible approach to governance that incorporates forward thinking planning and a long-term strategy as opposed to a year-to-year plan of action. Appropriations increased by less than $400,000.
This change is large attributed to contractual increases, additional payments to reduce our debt obligations and restoring the Borough reserves for emergencies.
Anticipated revenue for the year was reduced by approximately $500,000 to wean the Borough off of its dependence on surplus funds. Thanks to a thriving local economy that is fostering investment, construction and redevelopment, our "ratables" are very healthy, allowing the Borough to enjoy a nominal increase in the municipal tax rate for 2019.
Combined with a nearly $3 million capital improvement bond ordinance, the Borough of Red Bank is re-investing your tax dollars in numerous infrastructure projects. The Borough thanks all taxpayers for choosing Red Bank to be their home and place of business.”
The budget will be discussed by the Mayor & Council at the June 5, 2019 Workshop meeting.
A public hearing and adoption is scheduled for the June 19th, 2019 council meeting.
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