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2017 Sea Bright Municipal Budget Adopted

SEA BRIGHT: The municipal budget has been adopted by the borough council and it shows a small tax increase.

The borough council unanimously adopted the budget on May 2.

The amount to be raised by taxation is up 1.85 percent, a 1.1 cent increase to 60.7 cents per $100 of assessed value compared to last year's total. The amount to be raised by taxation is just over $4 million.

The owner of the average borough home valued at $512,469 will see an increase of about $60 for the year and will pay $3,216 in municipal taxes.

These tax totals do not include the regional school budget or the county budget.

Sea Bright CFO Michael Bascom said in April that the budget is getting closer to where it was before Hurricane Sandy devastated the borough. This is the first budget since 2013 that does not include any state or federal aid related to Sandy recovery.

Over the last four years, the borough has received funds from the Community Development Block Grant For Essential Services grant. However, Sea Bright is no longer eligible for that grant.

Bascom said the borough saw about $16 million in new value in 2017 as compared to 2016 and he said he sees continued financial stability for the borough in the coming years.

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