The Monmouth County Board of Freeholders has unanimously approved the county’s 2016 budget which totals $469.85 million, according to a press release.
County officials said the 2016 budget reflects a decrease in spending of $18.2 million from 2015.
The new budget takes effect immediately.
“Responsible fiscal management is the reason we are able to deliver a plan that cuts county taxes 1.5 percent,” Freeholder Director Thomas A. Arnone said. “Reducing expenses and maintaining the high standard of services which residents deserve are especially important. In these challenging times, returning spending to levels not seen since 2007 is an accomplishment that cannot be overlooked.”
The revenue to be raised by taxation this year is $302.47 million – the same amount in each fiscal year between 2010 and 2014, according to the press release.
The county’s 2015 budget totaled $488 million and was supported in part by the collection of $307 million in taxes from the county’s residential and commercial property owners.
“The sale of the two county care centers (nursing homes) was extremely valuable in resetting the new budget to less than the amount in 2007,” Freeholder Deputy Director Serena DiMaso said. “This budget fulfills the board’s promise to operate efficiently and effectively.”
Last year, the county completed the sale of two care centers which eliminated operating losses the centers incurred over the last several years. The public auction generated $32.4 million in revenue, which was $18 million more than anticipated, according to the press release.
“Monmouth County taxpayers expect and deserve a fiscally responsible government that meets the challenge to cut costs wherever possible,” Freeholder John P. Curley said. “The sale of the care centers benefits taxpayers by eliminating a huge financial loss, while ensuring continued quality, long-term care for the centers’ residents.”
“Each year the board prioritizes spending and seeks to eliminate waste,” Freeholder Lillian G. Burry said. “Monmouth County offers some of the finest services in the state, such as a highly regarded park system and an exemplary library. This budget is the result of all offices and departments working together and understanding the important role they play in providing cost-effective services.”
Monmouth County continues to maintain its AAA bond rating from the three major rating services. Towns, school districts and other government agencies benefit by having the ability to borrow money at low interest rates through the Monmouth County Improvement Authority, according to the press release.
The amount of county taxes a residential or commercial property owner pays on an annual basis is determined by a county tax rate that is set in each municipality. In addition to county taxes, property owners also pay municipal and school taxes, and other assessments.