Budget Meeting

MARCH 22, 2025 BUDGET MEETING OF MAYOR AND COUNCIL, MARCH 22, 2025, AT 9:00 A.M. IN COUNCIL CHAMBERS OF BOROUGH HALL Mayor Michael W. Mangan read the statement re: Open Public Meetings Act of 1975 and that adequate notice has been provided by transmitting the Resolution of Annual Meetings to the Asbury Park Press and the Coast Star, by posting it in the Borough Hall on a bulletin board reserved for such announcements, and by posting it on the official website of the borough. Mayor Mangan welcomed the audience and invited them to join in a moment of silent prayer and a salute to the Flag. ROLL CALL: Present: Council Members Bruce Bresnahan, Jay Bryant. Brian Holly, Gregg Olivera, Lori Triggiano, and Sheila Vidreiro. Absent: None Also present was CFO Amy Spera and Borough Administrator Thomas Flarity. Mayor Mangan made a statement regarding the Saturday budget meetings and the history behind scheduling them on Saturdays. He stated that the budget is a presentation and asked the council to consider that in the future the budget be presented at a regular council meeting. Councilman Bryant expressed his appreciation to all the various departments for their time and involvement in preparing the budget. He outlined the key components to be presented at the meeting, which include the Current Fund Budget, the Water-Sewer Utility Budget, and the Beach Budget. Councilman Bryant emphasized the administration's annual goals, which include, maintaining or enhancing public services, strategic capital planning, Infrastructure upgrades, responsible debt management, building financial reserves ad ensuring long term sustainability and predictability for taxpayers. BUDGET PRESENTATION Current Fund CFO Ms. Spera went over the current fund and advised that this year’s current fund budget is coming in at $13,980,059.01 representing a 0.35% increase over 2024. She explained the budget is divided into three main areas: appropriations within the cap, appropriations outside the cap and reserve for uncollected taxes. Ms. Spera presented a 10-year trend of appropriations, highlighting the goal of growth, sustainability and predictability. She explained the concept of appropriations in cap which are operational expenses subject to a cost-of-living adjustment, and the ability to use “cap bank” for unspent funds. Ms. Spera also discussed the impact of unforeseen expenses, such as increases in health insurance and pension bills, and the importance of building reserves to manage these costs. The meeting focused on the borough's budget, with a 3% increase in contracts and the addition of new positions, including a part-time finance staff member, a full-time administrative assistant for DBW, and a new police officer. The operating expenses increased by 4%, mainly due to insurance costs, statutory expenditures, including benefits and pension contributions, were also discussed. Ms. Spera reviewed the budget for capital improvement projects in Manasquan. The total budget for this year is $487,000.00, which includes 5% down payments on bond ordinances, reserves for infrastructure items, and cash for smaller projects or equipment. CFO Amy Spera also reviewed management of debt and the budget and the proposed tax rate for the residents. She stated that the total debt for the year was $1,881,000, which covered various projects and infrastructure upgrades. She also stated that the debt payment trend showed a high point in 2024, with a gradual decrease thereafter.  MARCH 22, 2025 Ms. Spera presented historical data on tax allocation, including the school district, county, fire district and the municipal open space tax. Ms. Spera discussed the tax rate and breakdown of estimated costs for the average home in Manasquan. The meeting concluded with council members expressing gratitude to Ms. Spera for the hard work put into the budget presentation and acknowledging the improvements made to the budget process. AUDIENCE PARTICIPATION Councilman Bryant made a motion to open the meeting up to the public, seconded by Councilman Holly. Motion carried unanimously. Jim Lonergan, Belmar, NJ inquired about the number of grants applied for, the number of grants received, and whether there had been any changes or trends from previous years. Mayor Mangan responded that they have been steady. We do apply for county grants every other year and that is a predictable pattern. There being no other comments Councilman Holly made a motion to close the public portion, seconded by Councilwomen Triggiano. Motion carried unanimously. Councilwomen Triggiano made a motion to adjourn the meeting at 9:59 a.m., seconded by Councilman Bryant. Motion carried unanimously. Respectfully submitted, Nancy Acciavatti Municipal Clerk DATE APPROVED _____________________