Squan Council Cuts $125k from Proposed Budget
Property taxes would see 4.5 percent increase under plan
After hammering through the entire proposed 2012 budget Thursday night, the Manasquan Borough Council was able to cut nearly $125,000 and get below the state-mandated 2 percent tax levy cap, but property taxes would still rise by roughly 4.5 percent from last year.
The 2½-hour session involved some major and minor cuts, along with a few disagreements and compromises, to proposed appropriations for several departmental budgets, resulting in the council trimming $124,688 from the overall proposed 2012 appropriations budget. While taxes would increase by more than 2 percent, the borough is allowed exemptions in certain areas of the budget that do not count towards the state-mandated cap.
The new proposed appropriations budget is $8,186,979 and if approved would mean an increased property tax rate of .363 -- up from .347 in 2011 -- or an extra $80 to the average assessed home of $501,000, according to the borough auditor. That would be a 4.4 percent increase from last year's property tax rate.
The big-ticket cuts included:
- $50,167 by financing the purchase of two new police vehicles over three years and using $6000 from the police trust
- $15,000 transferred from the police budget to the beach utility for police and secondary officer salaries
- $13,000 from police overtime salary and wages
- $10,000 from streets and roads overtime salaries
- $10,000 from the library budget
The council will hold another special meeting on Monday at 6 p.m. to review the borough's capital budget.