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Hugh Merkle Team - COMPASS RE

Avalon Municipal Budget Approved

Posted May 19th 2020

The Avalon Borough Council unanimously approved the 2020 municipal budget during its meeting on April 8. The new budget was presented with no tax increase, the elimination of the last general obligation serial bond, and finances necessary for capital improvement projects needed throughout the town.
The total municipal budget is $28,659,238 with a municipal tax rate at 19.9 cents. After budget adoption, the surplus balance was $4.6 million, which helps the Borough maintain a stable tax rate and contribute to its AAA bond rating from Standard and Poor’s. The Borough of Avalon has one of the lowest municipal tax rates in the state.
“We are very pleased to offer a municipal budget that again includes no increase in either the municipal tax rate or in the water and sewer rates,” Mayor Martin Pagliughi said. “The Council Finance Committee of Dr. Nancy Hudanich and John McCorristin worked together with our finance office and department heads to keep taxes stable. The Borough also paid off our general long-term obligation, which is unheard of on the municipal level.”
New Jersey municipalities are required to place a 5 percent down payment on capital improvement projects. Avalon puts a 20 percent down payment on projects and aggressively pays down debt in every municipal budget. Some of the capital improvement projects to be financed by the approved budget include:
• Improvements to the Bay Park Marina boat ramp
• Bulkhead replacements
• An expansion and renovation of the Avalon Volunteer Fire Department building
• Boardwalk, deck and walkover replacements
• An additional beach tractor and surf rake
For more information on the 2020 budget approval, go to avalonboro.net.

Photo caption: The Bay Park Marina boat ramp is listed among the planned capital projects in the 2020 budget approval.

The Hugh Merkle Team - COMPASS Office: 609-368-9100
374 96th Street, Stone Harbor
info@HughMerkle.com
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