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Red Bank officials outline hiring freeze, project deferrals to shore up FY26 budget
Summary
City staff presented a November financial update and proposed belt‑tightening measures including a hiring freeze from Jan. 1, delayed capital projects and deferred equipment purchases; officials said use of fund balance remains a possible outcome and some figures given in the presentation were not fully specified.
Unidentified city finance staff presented the Red Bank commission with a November financial update and a package of budget‑tightening options, saying revenues are generally ‘operating as expected’ but property‑tax collections lag last year.
The presenter said property‑tax collections are roughly $45,000 below this time last year and that overall general‑fund revenue is about one percentage point lower than the prior year. The administration also said it included the FY26 budget amendments (ordinance 25‑1290) in the current projections and that expenditures are tracking at about 39% of budget, slightly under the calendar benchmark cited by…
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