Holmdel Introduces Municipal Budget With Reduced Tax Rate

HOLMDEL, NJ — The Township Committee introduced its municipal budget for 2024 on Tuesday, aiming for a more conservative budget than in recent years, the committee noted.

The total amount to be raised by taxes for the municipal budget is $14,832,272, which is slightly lower than the $14,832,276 for 2023, said Township Administrator Jay Delaney.

Total current fund appropriations, or spending funded by anticipated revenues and property taxes, Delaney said, are $30,715,152 compared to $30,348,036 for 2023, an increase of approximately $367,000 or 1.2 percent.

Total revenue is the same amount, reflecting a balanced budget. Revenues other than taxes are: $15,882,880 compared to $15,515,760, an increase of $367,000 or 2.4 percent, he said.

The public hearing on the proposed budget will be May 14 at 7:30 p.m. at the Town Hall.

A user friendly version of the budget has now been posted on the township website and can be seen by clicking here.

Chief Financial Officer William Antonides said the estimated 2024 tax rate is $.250 per hundred of assessed valuation as compared to $.267 per hundred in 2023.

The preliminary ratables for 2024 are $5,933,951,050 compared to the ratables of $5,564,899,964 in 2023, he said.

He added that the final ratable number for 2024 will be received in May.

The budget posted on the website, in addition to the municipal purposes tax and municipal open space tax, also includes the school district, county open space, and other county purposes taxes and other tax levies. The total amount to be raised by taxes is $91,173,154.69, the budget says.

At the meeting, Delaney said that, as the budget was being developed, there were capital requests of about $7 million, which has been reduced in the introduced version to under $3 million, again in the committee's goal to keep spending conservative, as Mayor Rocco Impreveduto said in his state of the township address earlier this year.

Delaney said the main capital item would be a new ambulance for the township that has remained in the budget.