Welcome Visitor
Today is Wednesday, July 8, 2020

Oceanport Adopts 2017 Municipal Budget

OCEANPORT: The municipal budget was unanimously adopted by the borough council during its May 18 meeting.

Borough Administrator Ray Poerio thanked all his department heads for all their hard work with what he called "zero-based budgeting."

Poerio said the budget totals $8.7 million and the amount to be raised by taxation is approximately a $240,000 increase over last year. The local tax rate for 2017 is 55.9 cents per $100 of assessed value; an increase of 2 cents over the 2016 rate. That means the owner of the average borough home assessed at $448,000 would see a municipal tax increase of $93.67.

"Last year, your taxes when up $91.84, so the difference between the tax increase you got last year to the tax increase you got this equates to a $1.83," Poerio has said.

The capital budget includes $1.6 million and includes road projects, check valves for outflow pipes to reduce flooding, replacing department of public works equipment, repairs done to the Port Au Peck Firehouse and video surveillance for the borough's police vehicles.

Poerio has said the borough had two "really good things happen," the first of which was waiver on the cash down payment on an $11 million bond ordinance to acquire and renovate the borough's new municipal complex at Fort Monmouth. If the waiver was not granted, it would have added $550,000 to the budget and resulted in a much larger tax increase.

The second issue was that the borough owed about $600,000 to FEMA for overpayments. He said the budget has been worked so that the payments are made and that no balance is owed to FEMA.

Read more from: Oceanport

Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: