Holmdel Introduces $32M Budget For 2025, Maintains Tax Levy

HOLMDEL, NJ — The Holmdel Township Committee introduced a $32 million budget for the upcoming fiscal year at a recent meeting, which maintains the amount to be raised by local taxes at the same level as the year before.

In maintaining the town's municipal tax levy, the committee said they plan to provide financial support to mitigate impacts anticipated in the Board of Education’s tax levy, which has been driven by different outside factors.

One way the town is providing this support is through a $600,000 shared services agreement with the board, which was announced in March.

Funds from the agreement will go directly toward assisting the financial needs of Holmdel schools, which have faced their own challenges after the district received 3% less in state funding for 2025-2026 than the year before.

The decrease in state funding hasn't helped what school officials outlined as "skyrocketing transportation costs" in their budget presentation, alongside rising benefit costs and other economic challenges.

“This is how I envision Holmdel,” Board of Education President Christian DiMare said when the agreement was approved at a township committee meeting in March. “With community leaders stepping up to the plate, listening to each other and strategizing on how we can collaborate to move this town forward — and that’s exactly what happened here.”

By entering into this shared services agreement, the Township Committee will allocate a one-time funding of $600,000 to Holmdel schools on account of the school district’s capital contributions to township recreational facilities on Board of Education property.

This collaborative effort (which will be introduced as a bond ordinance at a future meeting after final adoption of the municipal budget) would mitigate a potentially larger increase in school taxes for Holmdel residents, township officials said.

“We understand the importance of providing excellent educational opportunities for our children while also being mindful of the financial impact on our taxpayers,” Mayor Brian Foster said. “This budget reflects our commitment to both."

"By holding the line on the municipal tax levy and strategically partnering with the Board of Education, we have worked diligently to lessen the burden of the necessary school tax increase on our community," Foster continued.

In addition to their shared services agreement with the Board of Education, Holmdel has also acquired multiple grants that will provide funding for critical capital improvement projects throughout town, officials said.

The grants will allow the town to move forward with infrastructure upgrades and community enhancements such as the Crawfords Corner Road Widening & Signal Improvement Project, while minimizing the financial impact on taxpayers.

In introducing their budget, the committee said it aims to emphasize an "ongoing commitment to efficient governance and the responsible use of taxpayer dollars" while prioritizing essential town services and infrastructure maintenance and ensuring financial stability for Holmdel.

To see the full budget for 2025, you can click here. A public hearing on the budget will be held at the Municipal Building on May 27 at 7:30 p.m.

To watch the full meeting from April 22, you can watch it here.

Related

• Holmdel Enters Into $600,000 Shared Services Agreement With Board Of Education
• $76.4M Tentative Budget Approved For Holmdel Schools For 2025-26