FREEHOLD – A $446,102 budget to support Downtown Freehold’s operation for 2021-22 has been adopted by the Borough Council in Freehold Borough.
Downtown Freehold, a nonprofit organization, is the management corporation of Freehold Borough’s Special Improvement District (SID). The organization produces annual events in the community.
The budget was submitted by representatives of Downtown Freehold to the Borough Council for introduction and adoption. On June 21, the council members passed a resolution adopting the budget following a public hearing.
According to the resolution, the budget will fund the operation of the SID from July 1, 2021, to June 30, 2022. The $446,102 budget will be supported by the collection of $275,000 in taxes from property owners and business operators in the SID.
In addition to the $275,000 tax levy, potential sponsorship income of $134,000 ($89,000 in cash and $45,000 in barter) and event income of $17,000 will provide the revenue for the organization’s budget.
Expenses are proposed as follows: $209,602 in member services ($181,602 cash and $28,000 barter); $109,700 in events ($92,700 cash and $17,000 barter); $120,300 in improvements; and $6,500 in donations to local events.
Borough Council President Annette Jordan, Councilwoman Sharon Shutzer, Councilman George Schnurr, Councilwoman Margaret Rogers and Councilman Adam Reich voted “yes” on a motion to adopt Downtown Freehold’s 2021-22 budget.
Councilman Michael DiBenedetto, who owns Joe’s Barber Shop in the SID, abstained from voting.
Jean Holtz, who is the chairwoman of Downtown Freehold’s officers, praised the organization’s business advocate, Jeffrey Friedman, for his work on the budget.
Holtz noted that Downtown Freehold’s budget differs from other SIDs, which rely entirely on a tax assessment to fund their budgets.
Jordan spoke favorably of the Downtown Freehold budget, saying, “This is a solid budget. The downtown is the economic soul of Freehold Borough.”