TINTON FALLS – The Tinton Falls Borough Council has adopted a $26.59 million budget to fund the operation of the municipality during 2020.
The budget was adopted during a meeting on May 19.
According to a presentation, the $26.59 million budget will be supported through the collection of $16.15 million in taxes from the borough’s residential and commercial property owners.
Officials will use $3.63 million from the borough’s surplus fund (savings) as revenue in the 2020 budget. State aid will total $1.49 million.
Tinton Falls’ 2019 budget totaled $26.53 million and was supported in part by the collection of $15.87 million in taxes from property owners. Officials used $3.87 million from the surplus fund as revenue in the budget and received $1.49 million in state aid.
From 2019 to 2020, total appropriations have increased by $60,000 and the tax levy has increased by $280,000.
Chief Financial Officer Thomas Fallon, who is also serving as the acting borough administrator, said the budget was adopted without any amendments from the spending plan that was introduced several weeks earlier.
“As far as revenue projections go, we were able to make modifications to certain revenues prior to the introduction of the budget so we are optimistic those projections will be realized.
“The budget went through the full review and approval process by the New Jersey Division of Local Government Services so we are not waiting on any guidance from Trenton at this time,” Fallon said.
In 2019, the municipal tax rate was 47.2 cents per $100 of assessed valuation. Municipal taxes on a home assessed at $360,000 were about $1,700.
In 2020, the municipal tax rate is projected to decrease to 46.5 cents per $100 of assessed valuation. Municipal taxes on a home assessed at $360,000 will be about $1,674.
Municipal taxes are one item on a property owner’s tax bill. Property owners also pay Tinton Falls School District taxes, Monmouth Regional High School District taxes, Monmouth County taxes and a fire district tax.
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.
According to the budget presentation, expenses in 2020 will include $11.7 million for salaries and wages for borough employees; $7.87 million for other expenses; $2.92 million for statutory expenses; and $2.63 million for debt service.
Tinton Falls’ operating expenses have increased by 0.75% from 2019 to 2020. Total budgeted salaries and wages, which are a component of operating expenses, have increased 1.24% and debt service remains consistent with the prior year, according to municipal officials.
Borough officials have planned capital projects totaling $4.86 million in 2020, consisting of $4.64 million in general capital improvements and $220,000 in sewer utility capital improvements. The borough will use $200,000 in grant funds and $882,000 in direct operating budget capital appropriations, according to the budget presentation.
