Manasquan Predicts $77M in Ratables Lost in Hurricane Sandy
Borough planning for 5 percent difference over 2012 as budget workshops continue
Manasquan officials are grappling with how to deal with an estimated $77.09 million loss in its ratable base after Hurricane Sandy's devastation.
A January budget presentation focused on the tax impact of the storm as the borough begins to prepare the 2013 municipal budget. Among the concerns are increased cost of emergency and long-term rebuilding, and decreased revenue from tax appeals and loss of the ratable base.
As a result of factors such as Hurricane Sandy, tax appeals and more, the total assessed value of property in Manasquan will drop 5 percent from $1.606 billion to $1.526 billion.
Beyond $77 million in losses from Hurricane Sandy are 2012's tax appeals. Twelve occurred in 2012, but had a $10.89 million effect on the assessed value in Manasquan.
Though there is a gain in assessed value with $8.9 million in new construction, the total loss in assessed value is $80 million.
The loss of ratables is not the only loss of revenue, said Borough Administrator Joe DeIorio in his budget presentation. Manasquan will also see a slight drop in its tax collection rate by 0.29 percent. Revenue from the Sea Watch restaurant in the form of rent payments will decrease since the facility was destroyed in Hurricane Sandy.
Some expenses are expected to increase in 2013's budget, according to the workshop presentation. Debt service, health care, salary negotiations will factor in.
The borough has not presented its budget but continues to discuss the fiscal process in budget workshops held in weekend meetings at Borough Hall.
The next workshop meeting is Jan. 26 at 9 a.m.