Politics & Government

Oceanport's Municipal Budget by the Numbers

The borough council introduced a budget for 2012 that keeps the tax rate flat over last year.

"This is a real zero," said Councilman Joseph Irace at Thursday's borough council meeting as he introduced the , which comes in with no increase to the municipal tax rate over last year.

Irace stressed that the $6.95 million in appropriatations was well within the allowable 2-percent state mandated cap, with no outside-the-cap exclusions. The budget is $716,485 under that state imposed 2-percent cap.

As in 2011, the local tax rate for 2012 is 50.8 cents per $100 of assessed value. The amount to be raised by local taxes to support the budget is $5.33 million, which is an increase of $13,367 and can be attributed to the increase in the borough's 2012 net valuation taxable, according to Irace.

Find out what's happening in Little Silver-Oceanportwith free, real-time updates from Patch.

The municipal portion of the tax bill for the homeowner of a residence with the average-assessed value of $450,000 in Oceanport is $2,286.

Although departmental spending for the borough stayed flat, with the department of public works staying under budget for the second year in a row, Irace said that the borough continues to make "progress."

Find out what's happening in Little Silver-Oceanportwith free, real-time updates from Patch.

"We're able to maintain, and in some cases increase, services and equipment," said Irace.

"We're in relatively good financial shape," he said.


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