STONE HARBOR – Borough Council adopted an $18.4 million budget at its April 7 meeting. The budget calls for $13.1 million in local property tax revenue. The local purpose tax rate is increased from $0.25 to $0.267 per $100 of assessed value.
Some municipalities have been reluctant to adopt an annual budget, given significant uncertainties in non-property tax revenues, which depend on tourism traffic. Chief Financial Officer James Kraft said he was confident the borough would be able to control expenses in ways that would offset any declines in such revenues.
Kraft was forced to give his presentation on the budget using video conferencing software because of social distancing regulation. His presentation is available on the borough’s website.
