Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Business Improvement District topic
No spam. Unsubscribe anytime.
Pompton Lakes introduces $339,100 business improvement district budget; public hearing set for May 14
Summary
The Pompton Lakes Borough Council introduced the Compton Lakes (Business Improvement District) estimated 2025 budget of $339,100. Council members voted to introduce the budget; a public hearing is scheduled for May 14 at 7:30 p.m.
The Pompton Lakes Borough Council on April 9 introduced the Compton Lakes Business Improvement District (BID) estimated annual budget of $339,100 for the 2025 fiscal year and set a public hearing for Wednesday, May 14 at 7:30 p.m. at the municipal building.
Council members and BID representatives said the budget is funded by assessments on downtown business property owners rather than general borough property taxes. Sue (BID representative) told the council the assessment income projection is $330,000 and the higher budget number reflects a rollover from last year: “The 330 that we're getting from the taxes ... it looks like there was a rollover of about $9,100, if I'm not mistaken.” She also clarified the BID fiscal year runs April 1 through March 31, not January–December.
Why it matters: BID funds finance downtown programs and improvements that affect local businesses and property owners. The council and BID representative emphasized the funds pay for ongoing monthly programming and downtown maintenance.
During the meeting the council moved to introduce the BID budget and approved the motion. The borough clerk announced that copies of the proposed budget are available at the clerk’s office, Borough Hall, 25 Lenox Avenue, and on the borough website; taxpayers may present objections at the May 14 public hearing.
The council and BID representative encouraged business owners to attend the BID’s monthly meetings. The council did not adopt the budget at the April 9 meeting; the introduction triggers the statutorily required public notice and the May 14 hearing.
Public notice posted by the borough states the budget was advertised in the Suburban Trends and provides instructions for where residents can review the full proposal before the hearing.
