FREEHOLD – A $423,500 budget to support Downtown Freehold’s operation for 2018-19 has been adopted by the Borough Council in Freehold Borough.
Downtown Freehold, a nonprofit organization, is the management corporation of Freehold Borough’s Special Improvement District. The organization produces annual events in the borough.
The budget was submitted by representatives of Downtown Freehold to the council for introduction and adoption. On June 18, the council passed a resolution adopting the budget following a public hearing.
According to the resolution, the budget will fund the Special Improvement District from July 1, 2018, to June 30, 2019. The $423,500 budget will be supported by the collection of $245,000 in taxes from property owners and business operators in the Special Improvement District.
In addition to the $245,000 tax levy, potential sponsorship income of $164,000 ($113,000 in cash, $51,000 in barter) and event income of $14,500 will provide the revenue for the organization’s budget.
Expenses are $211,600 in member services ($175,600 cash, $36,000 barter), $116,250 in events ($101,250 cash, $15,000 barter), $86,650 in improvements and $9,000 in donations to local events.
Downtown Freehold’s 2017-18 budget totaled $401,000 and was also supported by the collection of $245,000 in taxes from property owners and business operators in the Special Improvement District.