Taxes May Rise 5% in Holmdel, Sandy Cleanup Costs Millions

Holmdel residents could see a total tax increase of $669,416, an approximately 5 percent increase for Holmdel taxpayers, in addition to county and school taxes.

Township CFO Jeanette M. Larrison said an average residential home assessment of $617,061 will see an increase of $111 on their bill.

The budget increase equals $669,416 for a total budget of $20,607,850 according to Larrison.

Of that budget, $15,785,916 is considered under the statutory 2 percent cap. Expenses allowed over the cap include salary, benefits and emergency expenses such as those related to Hurricane Sandy.

Larrison said the township spent $3 million on Sandy cleanup. Budget documents show an expected $600,000 FEMA reimbursement. 

The budget calls for $13,818,805 to be raised by taxation.

According to the Holmdel Township budget document, $181,975 was reserved for paid leave to township employees and Holmdel PBA employees if a total of 1,462 days were paid. The largest amount would be given to the PBA, at $119,184.

That amount is called "compensated absence liability," according to Larrison. The state requires the township to calculate what "could be a potential payout if all employees who are eligible for retirement exercised that option in 2013."

A $1 million surplus is anticipated in 2013, $687,000 less than the realized surplus in 2012. Interest and costs on taxes as well as municipal court fines are expected to decrease, according to the budget document.

Total general revenues are expected to hit more than $20 million, but the budget document shows a decrease compared to 2012 of about $1.3 million.

The budget shows revenue decreases in the Board of Education's repayment of the Roggy Project, as well as smaller areas such as the Uniform Fire Safety Act and the Clean Communities Program.

The Holmdel Township Committee will hold a public hearing on May 7 at 7:30 p.m. in Town Hall.