Year 2001 Budget Commentary

            Currently our 2001 budget was approved August 28th 2000 and amended December 29th, 2000. Our tax cash collection ending 6/30/2000 is approximately $2,585,483.65 which is a decrease from 1999’s cash collection of $2,875,177.03. In addition our water and sewer collection for year ending 6/30/2000 is approximately $676,212.49 which is down from last year’s collection of $678,991.88. This a rarity that both departments have low collections simultaneously and as a result we were faced with a possible tax increase of twenty-two cents for municipal purposes.

    Through the concerted efforts of our mayor we received an increase in our discretionary aid from $150,000.00 for 2000 to $300,000.00 for 2001. Through the guidance of our financial officer and borough accountant working with the mayor and council we were able to keep our tax rate stable. Even with the increased amount of revenue to be raised by taxation for municipal purposes, there was no increase in our municipal tax purpose this year.

     In addition, through contract negotiation with Tycom, the mayor and council were able to realize additional revenue for the benefit of the Borough of South Belmar. The finance department is reviewing the most efficient method of applying this additional revenue towards our debt service in order to reduce this ongoing expense. Currently the annual debt service for South Belmar is approximately $143,000.00.

    At this juncture I am in firm agreement with our financial officer and borough accountant that South Belmar’s best course of action is to consolidate and manage our debt service efficiently while maintaining our current surplus balance.

TAX RATE - APPORTIONMENT OF TAX RATE