RUMSON — The Borough Council has adopted a new spending plan that will take the borough through the next fiscal year.
The $17.6 million budget, which includes $11 million to be raised through the tax levy, was adopted during the May 26 Borough Council meeting.
“Everything is going well,” CFO Helen Graves said. “The municipal tax rate increase is 2.17 percent.”
The municipal tax rate is 32.9 cents per $100 of assessed valuation. The tax levy represents an increase from last year’s $10.6 million levy. However, the overall budget will decrease from last year’s $18.1 million spending plan.
The decrease in the municipal budget is largely due to the borough receiving $680,000 less in Federal Emergency Management Agency reimbursements and $761,198 less in insurance reimbursements due to superstorm Sandy.
The budget also anticipates $660,673 in energy tax receipts, $300,000 in uniform construction code revenues, and $1.1 million in sewer service charges.
The borough also has $2.2 million in surplus and will receive $660,673 in state aid, the same as the previous year.
In total, 136 property owners filed tax appeals in the last year, with the borough refunding $27,876 for successful tax appeals.
The borough will also pay out $1.8 million in health insurance costs for both active and retired employees.