Ocean County Unveils $470 Million Budget

Ocean County Administration Building (Photo by Chris Lundy)

  TOMS RIVER – Members of the Ocean County Board of Commissioners recently released details of their $470,356,177 budget that they said would pay down debt as well as covering the funding of road improvements and county facilities.

  This year’s budget will be supported by a tax levy of $365,212,639. Around $20 million will be added to the spending plan in appropriations compared to 2020’s $450,793,747 budget.

  The spending plan is said to reduce property taxes by a half-cent thanks to an increase in the county’s ratable base. The budget is well within the state’s 2-percent cap on spending and tax increases.

  County residents will see a decrease in the county tax rate from 33.7 cents in 2020 to 33.1 cents this year. Back in 2016 the county was still facing the aftermath of Superstorm Sandy which occurred in the Fall of 2012. Ocean County was paying down debt from the recovery efforts.

  Officials were facing reduced property values which led to the rate increasing to 35.3 cents. The county’s ratable base has now recovered completely and surpassed its pre-Superstorm Sandy level.

  The ratable base is the total value of everyone’s property in the county. As it goes up, the tax rate goes down. However, that doesn’t mean that the county’s spending is down.

  In 2014, the county recorded just around $90.8 billion in ratables and the value of Ocean County’s real estate is estimated at $107.2 billion. This marks an increase from its 2012 worth of $100.5 billion recorded prior to Superstorm Sandy.

  Ocean County’s ratable-base peak was experienced in 2009 which coincided with the culmination of the real estate bubble in the mid-2000s at $109 billion.

  Gary Quinn, the director of the Ocean County Board of Commissioners thanked the county’s department heads saying “they really do hold the line on spending.”

  Commissioner Jack Kelly once again presented the county budget plan during a recent work session of the Board. Kelly illustrated how the county’s tax base had risen since Superstorm Sandy.

  Quinn added, “we thought we might be in desperate shape for the budget this year, but we had assistance and we’ve been able to help our residents and get grants to our businesses.”

  Capital projects included in this year’s budget total $84 million and will include road paving projects and other infrastructure improvements. 

  Some funds for that work will come from state and federal grants. A $45 million investment has been made by the county in roads and bridges while $2.1 million is earmarked for upgrades at the county’s Vocational-Technical school facility in Jackson.

  Another $17 million has been designated for stormwater runoff, drainage and park renovation projects, as well as efficient energy upgrades for county buildings.

  Ocean County College will receive $16,331,991. County officials will also spend $77.5 million on public safety to run the prosecutor’s office, sheriff’s department, jail, 911 facility and juvenile services.

  Also included was $19.4 million for social services through property taxes and $38.4 million through federal and state allocations. Senior Services will receive funding through a $3 million appropriation.

  County officials often cite their pride of Ocean County’s maintaining its triple-A bond rating from financial agencies. Despite increased costs to deal with the coronavirus pandemic, this year the county once again received a very positive report from Moody’s Investors Service.

  The bond rating is like a credit score, but for governments. The better the score, the lower their interest in borrowing.

  The firm’s report noted that the county “benefits from a very large tax base and a small debt burden. The county is currently experiencing a sustained financial economic rebound from the damage experienced by Superstorm Sandy.”