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Sea Bright Receives Federal Funding To Help Balance Budget

SEA BRIGHT: The borough received good news in recent week with the announcement of funding it will receive from an essential services grant to help balance the municipal budget.

The Community Development Block Grant For Essential Services is necessary due to the ongoing Hurricane Sandy recovery process and totals $732,648; $20,000 less than the amount for which the borough applied.

The Sea Bright Council amended the 2015 municipal budget to reflect the addition of the grant, which did not change any figures in the budget according to Councilman William Keeler.

"The budget reflects the change along with a few housekeeping items," Keeler said. "The balance of the budget remains unchanged."

The 2015 municipal budget totals about $10.3 million, compared to $9.39 million in 2014.

The budget calls for a 3-cent tax increase, to $0.890 per $100 of assessed property. The tax increase means the total amount to be raised by taxes is up about $155,000, to a total $3.904 million.

Therefore, the owner of the average borough home assessed at $367,300 would pay $3,267 in municipal taxes.

Last year the borough received $1.002 million from the federal government to help balance its budget.

Sea Bright Chief Financial Officer Michael Bascom has said this is the final year for the essential services grant and that the borough must regenerate its ratable base to offset the loss in subsequent in years.

A public hearing and adoption of the budget will be held during a special workshop meeting on Thursday, July 16 at 8:30 a.m.



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