HOLMDEL – Members of the Township Committee have adopted a 2020 municipal budget that totals $25.08 million and will be supported by the collection of $14.63 million in taxes from Holmdel’s residential and commercial property owners.
To support the budget, officials will appropriate $3.5 million from Holmdel’s surplus fund (savings) as revenue and expect to receive $1.99 million in state aid.
Mayor Greg Buontempo, Deputy Mayor Cathy Weber, Committeeman Rocco Pascucci and Committeeman Prakash Santhana voted “yes” on a motion to adopt the budget on June 23. Committeeman Tom Critelli was absent from the meeting.
Holmdel’s 2019 budget totaled $24.24 million and was supported ny the collection of $14.52 million in taxes from residential and commercial property owners.
From 2019 to 2020, appropriations have increased by $840,000 and the local tax levy has increased by $110,000.
In 2019, Holmdel’s municipal tax rate was 34 cents per $100 of assessed valuation. The average home was assessed at $676,993. The owner of that home paid $2,301 in municipal taxes.
In 2020, the municipal tax rate is projected to remain at 34 cents per $100 of assessed valuation. The average home is now assessed at $686,578. The owner of that home will pay $2,334 in municipal taxes.
Officials said the municipal tax rate has remained flat for a fourth straight year.
“I want to thank (Committeeman Prakash Santhana) and his Finance Committee for reviewing the budget, as well as our township administrator, Cherron Rountree, and our chief financial officer, Bill Antonides,” Buontempo said. “You all have done an amazing job for the residents of Holmdel and I thank you.
“I am proud the Township Committee approved this budget with a 4-0 vote. It is a fiscally responsible, balanced budget that meets the needs of Holmdel’s residents.
“We continue to provide the services our residents expect and deserve, focusing on public safety, infrastructure improvements and recreational opportunities while still respecting the difficult financial circumstances of many of our residents at this time,” Buontempo said.
The new Finance Committee reviewed the 2020 budget, according to a press release from the municipality.
“We believe the budget represents the appropriate accounting of the anticipated revenues and expenses, and appropriately reflects the current state of the revenue expectations given the COVID-19 situation,” said Zach Gilstein, the committee’s chairman.
Municipal taxes are one item on a property owner’s tax bill, which also includes Holmdel Township 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.
Selected appropriations in the 2020 budget include the following: Holmdel Police Department, salaries and wages, $6.05 million; police, other expenses, $310,000; payment of bond principal, $2.21 million; interest on bonds, $948,931; group insurance plans for employees, $1.73 million; other insurance premiums, $355,000.
And, Public Works, Road Repairs and Maintenance, salaries and wages, $1.32 million; Road Repairs and Maintenance, other expenses, $415,000; payment to the Police and Firemen’s Retirement System of New Jersey, $1.49 million; payment to the Public Employees’ Retirement System, $510,463; and payment to the Social Security System, $740,000.