By Kenny Walter
Staff Writer
TINTON FALLS- The Borough Council has adopted a spending plan for 2016 that includes a 1-cent increase on the municipal tax rate.
The council adopted the $24.6 million budget during the April 19 meeting.
The $24.6 million spending plan represents a $372,000 increase over the 2015 budget. Fallon said the difference represents a 1.54 percent increase over last year’s municipal budget.
The tax rate will increase about 1-cent per $100 of assessed valuation, bringing the rate to 49.2 cents per $100 of assessed valuation. The increase will result in a $33 hike in the average Tinton Falls taxpayers annual bill.
The tax levy will increase from $14.1 million in 2015 to $14.7 million in 2016.
For the seventh straight, year the borough will receive $1.49 million in state aid, which Fallon said is not adequate as costs have increased in recent years.
