MILLSTONE – The Township Committee has introduced a $6.88 million budget to fund the operation of Millstone Township in 2020.
The municipal budget was introduced by committee members on May 7. A public hearing on the budget will be held at 8 p.m. June 3 at the municipal building. The committee may adopt the budget that evening.
The $6.88 million budget, which may be amended prior to its final adoption, will be supported in part by the collection of $3.32 million in taxes from Millstone Township’s residential and commercial property owners.
Other revenue in 2020 will include $852,717 in state aid and the use of $750,000 from the township’s surplus fund (savings).
Millstone Township’s 2019 budget totaled $6.45 million and was supported by the collection of $3.13 million in taxes from property owners. Other revenue included $841,753 in state aid and the appropriation of $600,000 from the surplus fund.
In 2019, the municipal tax rate was approximately 16.7 cents per $100 of assessed valuation. The average home assessment was estimated to be $527,345 and the owner of that home paid about $881 in municipal taxes.
The 2020 municipal tax rate has not yet been released by township officials.
Municipal taxes are one item on a property owner’s tax bill, which also includes Millstone Township K-8 School District taxes, Monmouth County taxes and a fire district tax.
An individual pays more or less in taxes based on the assessed value of his home and/or property, and the tax rate that is set by each taxing entity.
In the introduced 2020 budget, $2.71 million is appropriated for other expenses for operating expenses; $1.72 million for salaries and wages for operating expenses; $1.25 million for debt service (including school purposes); $725,000 for the reserve for uncollected taxes; $283,639 for deferred charges and other appropriations; and $197,500 for capital improvements.
Other selected appropriations include group health insurance for employees and retirees, $634,000; payment to the Public Employees Retirement System, $159,639; general liability insurance, $116,500; legal services, $110,000; and two line items under road repairs and maintenance, $537,000 for salaries and wages, and $143,000 for other expenses.
Millstone has 29 employees in 2020, the same number of employees in 2019, according to officials.