Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Budget topic
No spam. Unsubscribe anytime.
Eatontown introduces 2026 municipal budget, authorizes 3.5% CAP bank increase on first reading
Summary
Auditor Bob Oliwa presented Ordinance 08-2026 to allow a 3.5% CAP bank increase (amount $1,005,124.89); council introduced the ordinance by roll call and also adopted resolutions to defer school taxes and introduce the full 2026 municipal budget for public hearing on May 13, 2026.
Auditor Bob Oliwa reviewed the Borough's 2026 municipal budget and explained Ordinance 08-2026, which would permit the borough to exceed the Local Government Cap Law limit and establish a CAP bank. The ordinance text states the 3.5% increase amounts to $1,005,124.89 for the 2026 CY municipal budget. The ordinance was introduced on first reading; Councilmembers East, Escalante, Faust, Jones and Lawson voted AYE and Councilmember Meir Araman was absent. The public hearing was scheduled for May 13, 2026.
Council also approved Resolution 86-2026 to defer school taxes and explained the statutory allowance to defer up to 50% of the school tax levy; the transcript records the 2025 school tax levy at $35,038,450 and an allowable deferral increase to $16,998,520. Resolution 87-2026 introduced the municipal budget and directed publication on the borough website on April 15, 2026 ahead of the May 13 hearing. Members of the public asked technical questions on the surplus and state aid during the agenda‑item public comment period, which Auditor Oliwa answered.
Council did not amend or finalize the budget at the meeting; the materials were made public and a formal public hearing will determine final adoption.
