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Finance

Posted on: May 13, 2021

City of Asbury Park Holds Public Hearing for 2021 Budget

Budget Reflects a Decrease Over Prior Year While Increasing Support of Social Services Programs 

5/13/21, Asbury Park, NJ – City Council continues their strong commitment to fiscal sustainability holding a public hearing to present the proposed 2021 budget at last night’s Council meeting. The budget, which was introduced at the April 21, 2021 meeting, is expected to be adopted pending State review required for municipalities in New Jersey. 

The proposed budget of $50,087,598 reflects a decrease of $770,070 from the 2020 adopted budget. The Asbury Park Police Department budget was reduced by $193,064 while the City’s Social Services budget was increased by $46,960 to support new programs and services for residents in 2021. 

The budget includes a decrease in the municipal tax rate for 2021. The average assessed home, valued at $407,500 in 2021 will see no increase in the municipal portion of their tax bill. The municipal tax rate will decrease from 0.842 to 0.776 in 2021 upon being certified by the County. 

“2020 was an unprecedented year and unsurprisingly, the City saw a loss of revenue due to the Covid-19 pandemic. Our hard work over the past few years working towards financial stability has helped us get through this challenging time.” said Mayor John Moor, “As we move forward with recovery, City Council will continue to exercise fiscal prudence and reduce spending wherever possible.”

“It’s important to note the stability of the municipal tax rate – although the average assessed home value has nearly doubled over the past 5 years, municipal taxes still remain lower than they were in 2017,” said City Manager Donna Vieiro, “It reflects the years of hard work City Council has been putting in towards increased financial health and the addition of rateables the City has seen over the last several years.”

For more information on the City of Asbury park, visit www.cityofasburypark.com/finance

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