FREEHOLD – A $377,250 budget to support Downtown Freehold’s operation for 2019-20 has been introduced by the Borough Council in Freehold Borough.
Downtown Freehold, a nonprofit organization, is the management corporation of Freehold Borough’s Special Improvement District (SID). The organization produces annual events in the community.
The $377,250 budget was submitted by representatives of Downtown Freehold to the Borough Council for introduction and adoption. On April 1, the council passed a resolution introducing the budget and setting a date for the budget’s public hearing and adoption.
The public hearing for the budget is scheduled to take place on June 7. The council may adopt the budget that evening.
According to the resolution, the budget, if adopted, will fund the SID from July 1, 2019, to June 30, 2020. The $377,250 budget will be supported by the collection of $255,000 in taxes from property owners and business operators in the SID.
In addition to the $255,000 tax levy, potential sponsorship income of $148,750 ($103,750 in cash, $45,000 in barter) and event income of $18,500 will provide the revenue for the organization’s budget.
Expenses are proposed as follows: $185,100 in member services ($210,100 cash, $35,000 barter), $98,050 in events ($118,050 cash, $10,000 barter), $87,100 in improvements and $7,000 in donations to local events.
Council President Kevin Kane, Councilwoman Sharon Shutzer, Councilman George Schnurr, Councilwoman Annette Jordan and Councilwoman Margaret Rogers voted to introduce Downtown Freehold’s 2019-20 budget.
Councilman Michael DiBenedetto, who owns Joe’s Barber Shop in the SID, abstained from voting.
Mayor Nolan Higgins, who owns Higgins Memorial Home in the SID, recused himself from the issue.