Avalon Council Approves New 2014 Municipal Budget

AVALON — The 2014 municipal budget for the Borough of Avalon was approved by a unanimous 5-0 votes by the Avalon Borough Council during its meeting March 26, 2014. The new budget totals $24.8 million and sets the local purpose tax rate at 22.4 cents, which represents a half cent increase from 2013. The budget maintains over $3 million in surplus for the Borough.
“This budget represents a tremendous effort by the Avalon Borough Council to keep the municipal tax rate as one of the lowest in the State of New Jersey while also funding essential capital projects”, said Avalon Mayor Martin Pagliughi. “The Borough has been able to increase its ratable base by $42 million and generate over $2.8 million in surplus funding over the past twelve months”.
A power point presentation was made during the meeting by Council’s leadership on its finance committee, Chuck Covington and Dr. Nancy Hudanich. Both presented a detailed power point presentation to the public during the Council meeting before the budget was approved. A copy of the presentation is available on Avalon’s municipal website www.avalonboro.net
Avalon is experiencing a $522,000 increase in its municipal budget from one year ago. The amount to be raised by taxation in the 2014 budget is $16.3 million. Avalon maintains one of the county’s largest ratable bases valued today at over $7.3 billion. The Borough remains nearly $1 million below the maximum allowable amount to be raised by taxation under the two percent levy cap.
Under the 2014 municipal budget, the Borough has scheduled many capital projects through the community. The larger projects include: $650,000 for paving along Fourth Avenue and a redesign of the 28th Street Parking Lot; $350,000 sand back passing project currently underway to add sand to the north end beaches; $750,000 for back bay dredging and wetlands restoration, and $490,000 for improvements at the 39th Street Playground. The playground project is reimbursable by funding committed by the Cape May County Open Space Fund. Council also introduced an ordinance to provide additional funding for the back bay dredging initiative.
The new budget includes no increase in the water and sewer utility fund revenues. Avalon is allocating $5.8 million in water and sewer utility fund appropriations; charges from the Cape May County Municipal Utilities Authority represent 68% of the total water and sewer utility fund budget.
Avalon residents currently enjoy a 25% discount on their flood insurance premiums which is the highest discount of any coastal community in the State. The Borough also maintains an exemplary AAA bond rating from Standard and Poor’s which affords the Borough extraordinarily low interest rates on bonds.