FREEHOLD – A $446,102 budget to support Downtown Freehold’s operation for 2021-22 has been introduced by the Borough Council in Freehold Borough.
Downtown Freehold, a nonprofit organization, is the management corporation of Freehold Borough’s Special Improvement District (SID). The organization produces annual events in the community.
The budget was submitted by representatives of Downtown Freehold to the Borough Council for introduction and adoption. On May 3, the council passed a resolution introducing the budget and setting a date for the budget’s public hearing and adoption.
The public hearing for the budget is scheduled to take place on June 21. The council may adopt the budget that evening.
According to the resolution, the budget, if adopted, will fund the operation of the SID from July 1, 2021, to June 30, 2022. The $446,102 budget will be supported by the collection of $275,000 in taxes from property owners and business operators in the SID.
In addition to the $275,000 tax levy, potential sponsorship income of $134,000 ($89,000 in cash and $45,000 in barter) and event income of $17,000 will provide the revenue for the organization’s budget.
Expenses are proposed as follows: $209,602 in member services ($181,602 cash and $28,000 barter); $109,700 in events ($92,700 cash and $17,000 barter); $120,300 in improvements; and $6,500 in donations to local events.
Borough Council President Annette Jordan, Councilwoman Sharon Shutzer, Councilman George Schnurr, Councilwoman Margaret Rogers and Councilman Adam Reich voted “yes” on a motion to introduce Downtown Freehold’s 2021-22 budget.
Councilman Michael DiBenedetto, who owns Joe’s Barber Shop in the SID, abstained from voting.