MILLSTONE – The Township Committee has introduced a $7.79 million budget to fund the operation of Millstone Township this year.
The budget, which may be amended prior to its final adoption, was introduced by committee members on May 5.
Voting “yes” on a motion to introduce the budget were Mayor Gary Dorfman, Committeewoman Nancy Grbelja, Committeeman Al Ferro and Committeeman Michael McLaughlin. Committeeman Chris Morris was absent from the meeting.
A public hearing on the budget is scheduled for June 2 and the governing body may adopt the budget that evening.
The $7.79 million budget will be supported by the collection of $3.82 million in taxes from Millstone’s residential and commercial property owners. Other revenue for 2021 includes the appropriation of $1 million from the township’s surplus fund (savings) and the receipt of $841,753 in state aid.
Millstone Township’s 2020 budget totaled $6.94 million and was supported by the collection of $3.32 million in taxes from property owners. Other revenue included the appropriation of $750,000 from the surplus fund and the receipt of $852,717 in state aid.
From 2020 to 2021, appropriations have increased by $843,586 and the tax levy has increased by $502,496.
Selected appropriations in Millstone Township’s 2021 budget include the following: group insurance for employees and retirees, $625,000; general liability insurance, $121,200; road repairs and maintenance, salaries and wages, $612,500; road repairs and maintenance, other expenses, $172,500; sanitation, salaries and wages, $51,000; sanitation, other expenses, $280,239; payment to Public Employees’ Retirement System, $177,636; payment to Social Security System, $116,000; payment of bond principal, $1.22 million; interest on bonds, $770,542; and interest on notes, $137,328.
The 2021 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.
