Asbury Park Braces for Tax Increase

The City's portion of the Asbury Park budget will result in an increase of about 8% on property tax bills, the public learned during a special council meeting, convened at 9:30 today, to amend and adopt the 2010 budget. But the 8% does not include possible increases for county or school tax, the tax collector confirmed today.
The City's governing body, auditor and CFO were still awaiting information from Monmouth County on the county and schools portion, even as the council met to pass a third amendment to the 2010 Municipal budget, which now reflects extraordinary aid from the State of $11.75 million. The county information may be known on Wednesday.
Public attending the meeting said the city manager, Terry Reidy, and an auditor for the City, seemed nervous and expressed concern about additional costs on the horizon, such as pension and health insurance contributions the governor has said he expects municipalities to make.

The agenda posted on the City's site read:

Resolutions to authorize Special Officers to attend Monmouth County Police Academy.


Resolution - 3rd Amendment to 2010 Municipal Budget.

Possible Adoption of 2010 Municipal Budget.

AP Could Have Biggest Tax Hike in County

According to a projection in today's Asbury Park Press, taxpayers could encounter a $939 tax hike if the governor's cuts to aid to cities are made up by the City of Asbury Park through tax increases.
Meanwhile, the city may want to reconsider any recent bond approvals like the one it passed to help the city qualify for a stimulus grant, which I understand the city didn't get. (Our application was rated 52 and cut off was 50?)
I'm checking with our bond counsel now to see if there are any pending debt issues we can either cancel or bonds we can recall. Will let you know what I hear.
To read about previous bond issues and anticipation notes, enter the blog and enter bond in the search box.