Public hearing set on SID budget

FREEHOLD - A public hearing has been scheduled for 5:30 p.m. June 25 at Borough Hall on the proposed budget for the coming year that has been submitted to the Borough Council by the Board of Trustees of the Freehold Center Partnership.

The partnership is a nonprofit corporation designated by Freehold Borough ordinance as the management corporation for the Freehold Special Improvement District (SID). It generally oversees activities and events in the borough's downtown district.

The budget submitted by the partnership for the period of July 1, 2008 through June 30, 2009 totals $354,157. Of that amount, $245,921 is to be raised through taxes by way of a special assessment that is levied on the owners of property within the SID.

Alist of the properties that will be subject to the SID special assessment has been provided to the council by the tax assessor.

According to the budget submitted by the partnership to the council, income for the upcoming year will be generated through public ($245,921) and private ($108,236) sources.

Total administration expenses for the partnership will amount to $148,225 and total program expenses will amount to $183,057. A contingency fund of $22,875 has been established. Those three categories equal the organization's total budget for the coming year.

The partnership's budget for July 1, 2007 through June 30, 2008 totaled $320,270.