Budget, Tax Anticipation Note on Special Meeting Agenda Tonight

This year's budget and a resolution to authorize issuance of are on the agenda for Monday's special mayor and council meeting, in the upstairs conference room in Borough Hall beginning at 6:30 p.m. 

This meeting is a continuation of the introduction of the preliminary budget that began last last month. Mayor Ann Subrizi scheduled these additional meetings in response to Councilman Austin Ashley's "no" vote to the introduction of the budget, citing the need for reductions and additional information from department heads, as well as similar concerns raised by Councilwomen Duffie and Grant. 

During the March 19 meeting of the mayor and council, Subrizi said that the borough's chief financial officer, Diana McLeod, recommended sending out estimated tax bills for the Aug. 2012 tax cycle. 

Estimated tax bills are in anticipation of the budget not being finalized and the reassessments not being completed by the time the tax bills are prepared. In that likely event, the mayor informed the council that the borough has to establish a plan to pay the bills. 

Other than sending out estimated tax bills, the borough has the option of taking a bond anticipation note. Bond anticipation notes allow the town to borrow money that they will get back in taxes. 

The CFO and the tax collector were going to prepare an analysis of the the costs associated with estimated tax bills vs. the costs associated with taking a bond anticipation note. 

Also on tonight's agenda is a resolution authorizing Subrizi to sign a State-Local Grant Agreement Hazard Mitigation Grant Program with State of New Jersey Office of Emergency Management.