KEYPORT – The Keyport Borough Council will conduct a public hearing on the proposed 2020 municipal budget on June 16.
Council members introduced the $10.95 million budget on May 5 and may vote to adopt it following the public hearing.
Council members Dennis Fotopoulos, Matthew Goode, Delia Sosa McDermott, Victoria Pacheco and Joseph Sheridan voted “yes” on a motion to introduce the budget. Councilman Isaiah Cooper was absent.
Keyport’s residential and commercial property owners will pay $6.93 million in a local tax levy to support the municipal budget and an additional $259,095 in taxes to support the maintenance of the Keyport Public Library, according to the budget.
Other revenues in the 2020 budget include the receipt of $714,000 in state aid and the appropriation of $970,000 from the borough’s surplus fund (savings).
Keyport received the same amount of state aid and appropriated $1.59 million from the surplus fund in 2019. The total budget was $10.86 million and the tax levy for municipal purposes was $6.34 million. Property owners paid $240,280 as the library tax.
In 2019, the municipal tax rate was 85.2 cents per $100 of assessed valuation. The average home in the borough was assessed at $271,300. The owner of that home paid $2,311 in municipal taxes.
In 2020, the municipal tax rate is projected to be 87.6 cents per $100 of assessed valuation. The average home in the borough is assessed at $280,000. The owner of that home will pay $2,453 in municipal taxes.
Municipal taxes are one item on a property owner’s tax bill, which also includes Keyport School District taxes and Monmouth County taxes. An individual pays more or less in taxes depending on the assessed value of his home and/or property, and the tax rate that is set by each taxing entity.
The largest single appropriation in the borough’s 2020 budget is the salaries and wages that will be paid to Keyport’s police officers, $2.55 million (approximately 23% of the budget). The budget includes an $80,000 appropriation for the acquisition of police vehicles.
The repayment of debt in 2020 will account for slightly more than $1 million (approximately 10% of the budget) with appropriations for the following line items: $760,000 for the payment of bond principal, $200,000 for the payment of bond anticipation notes and capital notes, and $180,950 for interest on bonds.
Other appropriations include $425,000 for road repairs and maintenance, salaries and wages; $310,000 for garbage and trash removal, other expenses, contracted; $132,486 for dispatch/911 services provided by Monmouth County; $455,320 for employee group health insurance; $217,600 for workmen’s compensation insurance; and $173,600 for liability insurance.
During 2020, Keyport officials will pay $468,228 to the Police and Firemen’s Retirement System of New Jersey; $203,124 to the Public Employees Retirement System; and $175,000 to the Social Security System.