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The original item was published from 5/23/2019 4:36:00 PM to 5/23/2019 4:53:16 PM.

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Borough of Red Bank News

Posted on: May 23, 2019

[ARCHIVED] 2019 Municipal Budget Introduced

Borough of Red Bank, New Jersey

At the regular meeting of the Mayor & Council on May 22, 2019, the 2019 Municipal Budget for the Borough of Red Bank was introduced.  The budget reflects a fiscally responsible approach to governance that incorporates forward thinking planning.  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.  For a Red Bank household with an average property tax assessment of $366,231, the municipal portion of the property tax bill will only be about $50.85 more (2.23%) than last year.  In the last 12 months, the Borough was awarded over $2 million in grants.  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 19, 2019 Regular meeting.  The introduced 2019 budget is available for examination on the website (click here to download).

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