The Monmouth County 2016 proposed budget reflects cuts in spending and in taxes.
As introduced by the Board of Freeholders in February, the county’s budget has decreased from $488 million in 2015 to $469.85 million in 2016 – a decrease in spending of $18.1 million.
The county will collect $302.47 million in taxes from residential and commercial property owners in the county’s 53 municipalities in 2016. The tax levy in 2015 was $307 million – meaning Monmouth’s property owners will collectively pay $4.53 million less in county taxes this year.
County taxes are one item on a property owner’s total tax bill, which also includes municipal taxes, school taxes, fire district taxes (in some municipalities) and other assessments.
At the end of 2015, Monmouth County completed the sale of its two care centers, the John L. Montgomery, Freehold Township, and Geraldine L. Thompson, Wall Township, centers, to private operators, which eliminated the annual operating losses the facilities had incurred for several years, according to a press release. The public auction of the two facilities generated $32.4 million in revenue; about $18 million more than was projected, according to the press release.
“The long-overdue sale of the care centers has permanently eliminated the cost burden from our taxpayers and provided committed, long-term management for the residents of the two facilities,” Freeholder John Curley said.
The sale of the care centers, Curley said, “had an effect on the entire county budget all the way down the line. Across the board, we were able to save.”
Curley said that in the future, the county “will depend less on reserve (savings) in balancing the budget.”
Monmouth County continues to hold an AAA bond rating from all three major bond rating agencies, a feat only 32 counties nationwide have achieved, said Monmouth County Finance Director Craig Marshall.
The budget will be presented to the public at 7 p.m. March 24 at the Monmouth County Library Headquarters, 125 Symmes Drive, Manalapan. The budget is tentatively scheduled for adoption by the freeholders following the presentation at the library.