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Sea Bright Municipal Budget Shows Small Tax Increase in 2017

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

Sea Bright CFO Michael Bascom presented the budget during the April 18 Sea Bright Council meeting following its March 21 introduction.

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 average home impact is less than $5 per month or about $59 for the year for a house valued at $512,469 which will pay $3,216 in municipal taxes," Bascom said.

Bascom said the budget is getting closer to where it was before Sandy.

"This is the first budget since 2013 that does not reflect any aid from the state or federal government in connection with Sandy recovery," Bascom said.

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

The budget will be up for adoption on May 2.

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