SEA BRIGHT:The borough's proposed total municipal budget and tax rate are set to fall in 2016.
The $6.1 million budget was introduced in March and contains a $4 million tax levy. Although the levy is higher than last year's, the tax rate is set to drop by 30 cents.
The proposed tax rate is 59 cents per $100 of assessed property, compared to 89 cents per $100 of assessed property in 2015. The decrease is due to the 2015 revaluation, which increased the borough's overall assessment by over $200 million.
The borough will no longer be receiving federal funding in the form of the Community Development Block Grant For Essential Services. This is one of the main reasons for the drop in the municipal budget, as last year's grant total $732,648 and was necessary due to the ongoing Hurricane Sandy recovery process.
This will also allow the borough to hold a public hearing and adopt the budget earlier than the past few years. Last year, the budget was not adopted until July due to the fact that the borough had to wait for the federal funding.
The public hearing on the budget is set for Tuesday, April 19 at 7 p.m.