RED BANK – The members of the Red Bank Borough Council have introduced a $24.2 million budget to fund the operation of the municipality during 2021.
The budget was introduced by council members on June 23. A public hearing on the budget is scheduled for July 21 at 6:30 p.m. The council may adopt the budget that evening.
The municipal budget, which can be amended prior to its final adoption, will be supported by the collection of $14.6 million in taxes from Red Bank’s residential and commercial property owners, according to the budget document.
Other revenue in the budget includes $3.4 million to be appropriated from the borough’s surplus funds (savings) and the receipt of $2 million in state aid.
Red Bank’s 2020 budget totaled $22.4 million and was supported by the collection of $14.1 million in taxes from property owners. Other revenue included the appropriation of $2.43 million from surplus funds and the receipt of $2 million in state aid.
In 2020, the municipal tax rate was about 62.1 cents per $100 of assessed valuation. The average home in Red Bank was assessed at $376,671 and the owner of that home paid about $2,339 in municipal taxes.
In 2021, the municipal tax rate is projected to be 61.7 cents per $100 of assessed valuation. The average home in the borough is now assessed at about $406,228 and the owner of that home will pay about $2,506 in municipal taxes.
Municipal taxes are one component of a property owner’s tax bill, which also includes Red Bank Public Schools taxes, Red Bank Regional High School District taxes and Monmouth County taxes.
Individuals pay more or less in taxes depending on the assessed value of their home and/or property, and the tax rate that is set by each taxing entity.
Selected appropriations in the 2021 Red Bank municipal budget include salaries and wages, $9.7 million; other expenses, $7.55 million; debt service, $2.67 million; statutory and deferred charges, $2.3 million; reserve for uncollected taxes, $975,000; state and federal grants, $434,241; and capital (without grants), $150,000.
Red Bank has a total of 132 employees, according to the budget document.
Council President Hazim Yassin and council members Kate Triggiano, Erik Yngstrom and Kathy Horgan voted “yes” on a motion to introduce the budget.
Councilmen Edward Zipprich and Michael Ballard were absent from the June 23 meeting.
“We are really excited about (the budget),” Yassin said. “I think we did a really good job on it and a lot of people worked hard on it. It looks like we are going to have a healthy budget this year and for the foreseeable future.”