POINT PLEASANT — The Point Pleasant Borough Council has adopted the municipal budget for 2020, which will see homeowners pay just slightly more than $30 more in taxes this year.
The total municipal budget for 2020, which was introduced at the governing body’s March 23 meeting and adopted at a special meeting on May 18, is $22,381,289.86.
Adhering to the state-mandated two-percent tax levy cap, $15,171,096.86 is anticipated to be raised through local taxation in 2020.
According to Chris Santiago, assistant chief financial officer, the municipal tax rate last year was $.450 per $100 of assessed valuation, and for 2020 it will be $.460, a .01 cents increase for every $100 of assessed value.
For the owner of a home assessed at the borough average of $389,590, the municipal tax increase from 2019 would be $31.17 — with homeowners paying $1,792.11 in municipal taxes this year. This figure does not include school or county taxes.
According to Mr. Santiago, $2,944,000 is being applied from surplus to the 2020 budget, which would leave $2,520,341 in the surplus account.
“Currently we have been faced with revenue loss, and added expenses to keep the buildings sanitized for employee health,” Mr. Santiago said when asked about how the current COVID-19 pandemic has impacted the municipal budget.
“This pandemic is going to have untold consequences on not just our budget, but every town in New Jersey’s budget,” Borough Administrator Frank Pannucci Jr. added.
“Currently, we are starting to see revenue losses all while COVID-19 related expenses are rising from sanitizing to ensuring we have proper protective measures and equipment in place to protect both the public and our employees.”
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