BAY HEAD — The Bay Head Borough Council has unanimously introduced the municipal budget for 2020.
According to William E. Antonides Jr., chief financial officer for the borough, the proposed total municipal budget for 2020 is $6,049,793 — an increase from the final 2019 budget of $5,925,544.
Adhering to the state mandated two-percent tax levy cap, $3,745,905.76 is anticipated to be raised through local taxation in 2020, compared to $3,624,985.79 raised in 2019.
According to officials, the municipal tax rate last year was 22.6 cents per $100 of assessed valuation, and for 2020 it will be 23.1 cents, an increase of .005 cents over 2019.
According to Mr. Antonides, for the owner of a home assessed at the borough average of about $1,578,046, the proposed municipal tax bill increase would be $79 — with a homeowner paying $3,645 this year in municipal taxes if the proposed 2020 municipal budget is adopted by the governing body in June.
Mr. Antonides added that $1,350,000 is being applied from surplus to the proposed 2020 budget, which would leave $642,450.76 in the surplus account.
“I want to thank the finance committee for working together and putting forth what I think is a great budget for 2020,” Council President Doug Lyons, chair of the committee, said during the Bay Head Borough Council’s May 4 meeting.
“Despite continuing rising healthcare, pension costs, and administrative requirements required by the state of New Jersey, we were able to keep taxes from going up by only half a penny.”
The public hearing and anticipated adoption of the 2020 municipal budget is expected to take place during the June 1 meeting of the borough council.
Mr. Lyons spoke about how the federal Coronavirus Aid, Relief, and Economic Security [CARES] Act, in which funds received may only be used to cover costs incurred due to COVID-19, can impact the municipality and the budget.
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