A proposed Ventnor municipal budget is $1.69 million less than last year, although there’s a 1.58 cent tax rate increase.
A decrease in ratables and paying down debt from Hurricane Sandy are the two main culprits for these changes.
If budget as submitted passes, the average Ventnor homeowner would pay additional $55 in municipal taxes.
Other budget highlights:
- Employee contributions will pay more toward their health benefits.
- Ventnor City will save $383,768 on cost of employees health insurance.
- Some retirements at high salaries were replaced by lower salaries.
- 943 tax appeals in Ventnor during 2015 tax year.
- Ventnor tax base reduced by $39 million.
- Net property valuation is now $2.36 billion.
Public hearing on the budget will be 6p on Thursday, March 17.