FREEHOLD – A $423,500 budget to support Downtown Freehold’s operation for 2018-19 has been introduced by the Borough Council in Freehold Borough.
Downtown Freehold, a nonprofit organization, is the management corporation of Freehold Borough’s Special Improvement District. The organization produces annual events in the borough.
The $423,500 budget was submitted by representatives of Downtown Freehold to the Borough Council for introduction and adoption. On May 7, the council passed a resolution introducing the budget and setting a date for the budget’s public hearing and adoption.
The public hearing for the budget is scheduled to take place on June 18. The council may adopt the budget that evening.
According to the resolution, the budget, if adopted, will fund the Special Improvement District from July 1, 2018, to June 30, 2019. The $423,500 budget will be supported by the collection of $245,000 in taxes from property owners and business operators in the Special Improvement District.
In addition to the $245,000 tax levy, potential sponsorship income of $164,000 ($113,000 in cash, $51,000 in barter) and event income of $14,500 will provide the revenue for the organization’s budget.
Expenses are $211,600 in member services ($175,600 cash, $36,000 barter), $116,250 in events ($101,250 cash, $15,000 barter), $86,650 in improvements and $9,000 in donations to local events.
Downtown Freehold’s 2017-18 budget totaled $401,000 and was also supported by the collection of $245,000 in taxes from property owners and business operators in the Special Improvement District.
In other business, council members authorized a license agreement between the borough and FR Park Racing, LP, for the annual presentation of an Independence Day fireworks celebration and display at Freehold Raceway. The license agreement will run from June 29 through July 4. The fireworks display is scheduled for July 3 (rain date, July 8).
And, council members appointed Caridad Argote-Freyre to a one-year term on the borough’s Participatory Budget Committee.
