RUMSON – The Borough Council has adopted a $19.65 million budget to fund the operation of Rumson during 2020.
The budget was adopted on July 14. Council President Laura Atwell and council members Gary Casazza, John J. Conklin III, James Kingsbery, Mark Rubin and Robert Swikart voted “yes” on a motion to adopt the budget.
Borough Administrator/Municipal Clerk Thomas S. Rogers said no significant changes were made to the budget between the time of its introduction on June 9 and its adoption on July 14.
Rumson’s residential and commercial property owners will pay $12.79 million in a local tax levy to support the 2020 budget, according to the budget document that has been posted on the borough’s website.
Other revenues in the 2020 budget include the expected receipt of $660,673 in state aid and the appropriation of $2.8 million from the borough’s surplus fund (savings).
Rumson’s 2019 budget totaled $18.83 million and was supported by the collection of $12.24 million in local property taxes. State aid was $660,673 and officials appropriated $2.8 million from the surplus fund.
From 2019 to 2020, total appropriations have increased by $820,000 and the tax levy has increased by $550,000.
In 2019, Rumson’s municipal tax rate was 33.3 cents per $100 of assessed valuation. The average home in the borough was assessed at $1,425,900. The owner of that home paid $4,748 in municipal taxes.
In 2020, Rumson’s municipal tax rate is projected to decrease to 32.5 cents per $100 of assessed valuation. The average home in the borough is now assessed at $1,472,600. The owner of that home will pay $4,786 in municipal taxes.
Municipal taxes are one item on a property owner’s tax bill, which also includes school taxes and Monmouth County taxes.
An individual pays more or less in taxes depending on the assessed value of his home and/or property, and the tax rate that is set by each taxing entity.
Selected appropriations in the borough’s 2020 budget include the salaries and wages to be paid to Rumson’s police officers, $2.06 million; $160,000 for other police department expenses; $100,000 for the purchase of police vehicles; and $240,000 for police dispatch, salaries and wages.
Also, $2 million for the capital improvement fund; $1.91 million to the sewer authority; $1.5 million for employee group health insurance; and $356,563 for general liability insurance.
During 2020, Rumson officials will pay $590,497 to the Police and Firemen’s Retirement System of New Jersey; $408,790 to the Public Employees’ Retirement System; and $315,000 to the Social Security System.
Municipal officials have appropriated $1.06 million for the payment of bond anticipation notes and capital notes; $455,000 for the payment of bond principal; $1.26 million for Public Works, Street Department, salaries and wages; $160,000 for Street Department, other expenses; $600,000 for landfill/solid waste disposal costs; and $427,251 for solid waste collection, contractual, according to the budget document.