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Red Bank finance director outlines modest COLA, continued tax‑relief match in FY27 estimate
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Summary
Director Perry presented the Administration/Finance FY27 estimate, proposing a 2.25% COLA, continued tuition reimbursement and a requested county tax‑relief match; staff warned of higher legal and contract costs and noted an anticipated PEP dividend that offsets some insurance expense.
Director Perry presented the City Hall administration and finance proposed FY27 budget, telling commissioners the department aims to "ensure effective and transparent management of public funds to enhance community well‑being." The presentation emphasized fiscal responsibility, strategic budgeting and continued support for local initiatives.
Perry outlined the department structure and personnel plan, saying the office now oversees human resources, risk management, public affairs and, as of July 1, inspection technology. On compensation, Perry said the city is proposing a 2.25% cost‑of‑living adjustment to preserve pay competitiveness while noting Social Security projections near 2.8%.
The director asked the commission to continue the county tax‑relief matching program; Perry said the city has paid out just under $12,500 of an estimated $26,000 budgeted last year and intends to budget the same amount for FY27 while final county assessments are still pending. "We will continue to do that in the next fiscal year," Perry said, adding that final counts depend on the county trustee/assessor timing.
Perry told the commission the budget anticipates approximately a 5% increase for contract services as renewals come due and that legal fees have been trending higher because of recent matters requiring city attorney time. She also noted an expected dividend from the PEP insurance pool of roughly $37,000 that will help offset insurance costs.
Commissioners asked for clarifications on the county tax match and the modeling for the 5% contract increase; Perry responded that the 5% figure is an estimate per contract pending renewals and that the county closes its books late in the calendar year, which affects the timing of final tax‑relief payments.
The director said the department will continue tuition reimbursement and implementation of new HR and payroll software to improve online services and registration for parks and recreation. The presentation and supporting memos will be posted to the city website for review.
Next steps: commissioners did not take formal action at the workshop; the budget will be discussed further in upcoming sessions ahead of formal adoption.
