RED BANK, NJ – In what marks the end of a long-awaited approval process, the Red Bank borough council approved a $23.2 million budget for 2020 on Wednesday that is projected to increase municipal taxes by 2.6 percent.
At an Aug. 19 meeting of the Red Bank Borough Council, a presentation of the recently-amended 2020 municipal budget was approved. Hopes for a previous budget to pass last month were quickly dashed, with borough business administrator Ziad Shehady vowing to slash $50,000 from the proposal. Wednesday night’s public hearing ending with a 4-2 vote in favor of the budget adoption.
From 2019 to 2020, the total amount in taxes to be raised is roughly $740,000.
Amid the coronavirus pandemic, the municipality has been hit particularly hard due to its loss of revenue. Earlier this year, Shehady mentioned that the borough has seen revenue from construction, permit fees and hotel occupancy taxes drop in the double digits from 2019.
The borough’s successful pedestrian plaza, which debuted in June, has offered a promising start for recovering businesses. Yet, despite the plaza’s success story, the borough council still needed to use surplus and increase taxes to bridge the budget gap.
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