BELMAR — A $22.8 million municipal budget for fiscal 2023 was adopted by the borough council Tuesday night following a final presentation and public hearing. The new budget, which is 14 percent larger than the current one, includes an increase of 4.33 percent in the municipal tax rate.
The borough’s chief financial officer, Lorraine Carafa, guided a large audience of residents through the plan with a PowerPoint presentation explaining its four separate parts: current funds, which cover all general operations of the borough, and three separate utilities for water and sewage, beach operations and parking.
The average total tax per residential property for this year has been estimated at $8,158.64. Ms. Carafa said the proposed tax rate is calculated to be $0.497 per $100 of assessed valuation.
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She explained that the rise is driven in part by increases in the debt service by 21 percent, fuel appropriation by 8 percent, health insurance by 6 percent and appropriations for Emergency Medical Services [EMS] by 19.4 percent. She also cited year-over-year inflation of 6.1 percent, from March 2022 to March 2023.
A link to the full budget can be found on the borough’s website under the “Meetings Agendas & Minutes” tab.
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