KEYPORT – The Keyport Borough Council has adopted a $10.86 million budget to fund the operation of the municipality in 2019.
On May 7, Borough Council President Victoria Pacheco, Councilman Matthew Goode, Councilman Isaiah Cooper, Councilman Joseph Sheridan, Councilman Dennis Fotopoulos and Councilwoman Delia Sosa McDermott voted to adopt the spending plan.
The 2019 budget will be supported through the collection of $6.33 million in taxes from Keyport’s residential and commercial property owners.
Prior to voting, resident Elmer Graham Jr. asked Business Administrator Stephen Gallo and Chief Financial Officer Tom Fallon to present the details of the budget.
“The budget maintains fiscal discipline and is the hallmark of the financial administration,” Gallo said. “(The budget) provides funding for the road resurfacing program. (The budget) covers improvements at two parks and includes expansions to the senior transportation program.”
The spending plan also provides funds for what Gallo described as new municipal management software, which he said will make the borough “more efficient and effective.”
Gallo said the acquisition of two law enforcement vehicles, an asphalt heater box used to make permanent road repairs, a cost increase in solid waste hauling and disposal, the employment of additional staff members at the Department of Public Works and upgrades to the police department security system are among the expenditures included in the 2019 budget.
Significant appropriations in Keyport’s 2019 budget include police salaries and wages, $2.3 million; other police expenses, $90,000; employee group health insurance, $492,000; municipal court salaries and wages, $180,000; fire department expenses, $130,000; legal services, $100,000; and administrative and executive salaries and wages, $109,000.
“There are a lot of positive things going on in the borough. All of that requires that we spend some resources on those things. Nevertheless, the budgetary increase is held to a minimum,” he said.
In 2018, the municipal tax rate was about 87 cents per $100 of assessed valuation and the average home in Keyport was assessed at $259,820. The owner of that home paid about $2,260 in municipal taxes.
In 2019, the municipal tax rate is projected to be 85 cents per $100 of assessed valuation and the average home in Keyport is now assessed at $271,729. The owner of that home will pay about $2,309 in municipal taxes.
Municipal taxes are one item on a property owner’s total tax bill. Property owners also pay Keyport Public Schools taxes and Monmouth County taxes.
The amount of taxes an individual pays is determined by the assessed value of his home and/or property and the tax rate that is set by each taxing entity.
