The Brick council has formally introduced a $95.2 million budget with no tax increase, despite a decrease of about $422 million in the township's ratable base following Superstorm Sandy.
The budget includes a tax rate of 63.6 cents per $100 of assessed home value. A taxpayer with property at the average assessed value of $300,000 would pay about $1,586 for the year.
Mayor Stephen Acropolis presented the budget, and noted that spending was about $33 million on salary and wages, $11 million for debt service grants total, and the township's pension program hovers around $5 million. Utilities for parks, the municipal building, and others were just under $3 million.
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Insurance accounts made up about $14 million of the budget, and operating expenses account for some $14 million.
Acropolis said the budget actually increases the reserve for uncollected taxes for $9.9 million, which is about a $3 million increase from last year.
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"Some people are walking way from their homes, or are going through the appeals process, [after Sandy]," Acropolis said. "This portion of the budget is our safety net."
The proposed tax levy in the budget is just under $65 million, a decrease of $2.6 million from last year, which Acropolis attributed to revenue lost from Sandy.
The council will hold a public hearing and vote on the budget on July 23.
The municipal budget does not include taxes levied by the school district or county.
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