Peapack and Gladstone council outlines $8.4 million municipal budget, approves technical amendment

The Peapack and Gladstone mayor and council presented the borough's 2026 municipal budget at their April 21 meeting and opened a public hearing on the plan before approving a state‑requested technical amendment.

Mayor Hirano, who chairs the finance committee, said the borough's municipal budget for 2026 is $8,400,000, of which the municipality expects to raise approximately $4,800,000 in property taxes. He told residents the borough's total assessed valuation has risen to $1,032,000,000 and the average residential assessed value now exceeds $1,030,000. "My goal is to have this town debt free by 2029," Hirano said during his presentation.

The mayor highlighted a one‑time $700,000 transfer from an affordable housing trust into the municipal budget that will fund capital needs, and said the council budgeted $1,140,000 for capital projects including building window and lighting upgrades, records digitization, new DPW equipment, radio replacements necessitated by a county radio swap (a $440,000 project), and $610,000 in road resurfacing. The sewer utility was presented as a separate enterprise fund; its operating cost was estimated near $1,600,000 for 2026.

During the public hearing residents asked how developer contributions feed affordable housing and open‑space funds, whether the borough collects an open‑space tax from new construction, and what level of reserves the borough budgets for uncollected taxes. The mayor explained developer contributions to the affordable housing trust are set by ordinance and that the borough routinely uses county open‑space grants in partnership with local trust funds. He said the borough budgets conservatively for uncollected taxes to meet state requirements.

After the hearing the council considered an administrative amendment requested by the state budget reviewer that reclassified several line items without changing total appropriations or revenues. The council approved Resolution 69‑26, adopting the amendment by roll‑call vote. Roll‑call responses recorded in the transcript were in the affirmative for the members present.

What happens next: the council will post the adopted amendment and the budget summary as required and proceed with any remaining statutory filings. The mayor invited residents to review the budget documents and offered to sit down with taxpayers who want to see the detailed working papers.

Sources: Mayor Hirano's presentation and the council's recorded roll‑call votes at the April 21 meeting.