POINT PLEASANT — The mayor and council at the April 8 meeting introduced the 2024 budget, totaling $24,510,456.
This is a $614,127 increase from last year’s budget of $23,896,329. The 2024 tax rate is $0.490, which is a $0.009 increase from last year’s tax rate of $0.481, a 1.87% increase.
This will result in an increase of $36 annually in municipal taxes, or roughly $3 a month. This is all dependent on the average assessed house in Point Pleasant, about $400,916, a $2,914 increase from last year’s average of $398,002.
A public hearing will be held at the May 13 council meeting, located at borough hall, where Chief Financial Officer Christopher Santiago will be in attendance to answer any questions from the public.
Borough Administrator Frank Pannucci told The Ocean Star, “There were a number of factors driving this year’s budget including a 33% increase in worker’s compensation insurance, a 14.85% in pension costs and a 24% increase in health insurance costs. All of these items are clearly out of local control and are driven by the state.”
He commended the mayor and council: “The mayor and council have once again done an exceptional job in crafting this budget to make sure Point Pleasant residents receive the services they need from roadwork, public safety, trash collection and a myriad of functions in borough hall all while falling within the budget parameters set forth by the state.”
Councilwoman Charlene Archer, who chairs the borough’s finance committee, said, “This budget was genuinely hard. Compared to where we were at the beginning of the process to today is like comparing apples to oranges.”
The councilwoman also noted the budget introduction was on time and currently on track to be adopted at the May council meeting.
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