News
SB Municipal Tax Rate to Rise by 2.9 Cents
By Ryan Fennell
SEA BRIGHT - The Borough of Sea Bright introduced its proposed budget on Tuesday night, which reflects a 2.9-cent increase in the overall tax rate raising the rate to 67.7 cents per $100 of assessed value.
"The budget that was introduced is based upon the rounds of budgeteering and discussions we've had over the last six months," the Borough's Chief Financial Officer Michael Bascom said. "This budget does reflect a 100 percent payment in the pension obligation."
According to Bascom the impact of this budget on a $400,000 home is a payment of $116 per year.
"When you net that out with the county tax, the local school tax and the regional school tax decrease, the net is a $128 decrease on a $400,000 home," Bascom said.
According to Councilwoman Dina Long there will be no change in the school budget or tax rate for the Sea Bright Board of Education for grades K-8.
Long explained to the council and to members of the public in attendance why Sea Bright will be seeing a decrease in the regional school tax this year.
Sea Bright sent 27 students to Shore Regional High School last year and that number has decreased to 21 this year but that is not the sole reason for the decrease Long said.
"It doesn't go per pupil.
Instead the way our contributions are calculated are based on land value plus enrollment which gives us a percent share," Long said.
In 2008, Sea Bright's percent share was 16.6 percent of the Shore Regional budget while only accounting for two percent of the school's students. This year that rate will drop to 13.3 percent.
Along with the decrease in Sea Bright's enrollment is the $13 million increase in net taxable value in both Oceanport and Monmouth Beach.
While Sea Bright will see the only decrease in percent contribution decreasing by 3.3 percent, Oceanport's contribution will rise from 23.9 percent in 2008 to 25.9 percent in 2009. Monmouth Beach's contribution rises from 24 percent in 2008 to 24.8 percent in 2009 and West Long Branch will rise from 35.4 percent in 2008 to 35.9 percent in 2009. However, Long cautioned that although the Borough will see a significant decrease in the percent contribution, the funding formula does not work in Sea Bright's favor. "It seems like we got a good deal but we didn't really catch a break when you do the math," Long said. "Yes, our share went down and our taxes went down but the formula is still killing us."
According to the schoolfunding formula, the Borough of Sea Bright is responsible for a $1.9 million share of the proposed $14.9 million Shore Regional budget. Sending only 21 students of the total 720 that attend Shore Regional High School with a 13.3 percent share translates to $94,448 per student.
"This is not about the school," Long said. "This is about the regional school funding formula which doesn't work for small towns."
