By Mark Rosman
FARMINGDALE – The Borough Council has introduced a municipal budget for 2016 that totals $839,836. Residents may comment on the budget during a public hearing to be held at the Farmingdale Community Center, 13 Asbury Ave., at 7 p.m. July 5, when the spending plan will be considered for final adoption.
The budget document is posted on Farmingdale’s municipal website. The budget was introduced with support from council members Patricia Linszky, George Dyevoich, Michael Romano, Nicholas Bavaro and Don Steinfeld.
According to the budget, residential and commercial property owners will be asked to pay a total of $371,378 in property taxes to support the spending plan. Other revenue includes $206,000 from surplus funds (savings) and $137,208 in state aid.
The budget indicates that Farmingdale had $534,612 in surplus funds on Dec. 31, 2015. With an appropriation of $206,000 from surplus in the budget, that leaves $328,612 available in surplus funds.
The average home in the borough is assessed at $299,652 and the municipal tax rate for 2016 is projected to be 24.1 cents per $100 of assessed valuation. An individual who owns a home that is assessed at the borough average will pay $722 in municipal taxes, according to municipal officials.
An individual will pay more or less in municipal taxes depending on the assessed value of his home and/or property.
Municipal taxes are one item on a property owner’s total tax bill, which also includes Farmingdale K-8 school taxes, Freehold Regional High School District taxes, Monmouth County taxes and other assessments.
Selected appropriations in the municipal budget include the following: general liability insurance ($31,500); employee health benefits ($30,000); crossing guards ($53,500); aid to volunteer fire companies ($10,000); aid to volunteer ambulance companies ($6,000); payments to Social Security ($17,250); payments to Public Employees Retirement System ($17,836); police mandated 911 emergency services, to Monmouth County ($8,650). The payment of bond anticipation notes and capital notes shows a payment of $50,000.