City Council is scheduled to hold a public hearing on a proposed 2024 budget for the Special Improvement District (SID) that largely remains the same overall as the previous year.
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The governing body is poised to adopt a resolution (AR-52-24) during its regular meeting tonight, which begins at 7 p.m.
The overall proposed budget for 2024 of $400,00 remains the same as last year’s budget, with minor changes within the four expense categories:
| 2023 | 2024 | |
| Salaries, wages | $133,500 | $127,000 |
| Fringe benefits | $10,213 | $26,000 |
| Administrative/operating | $18,000 | $20,000 |
| Programming/Improvements | $238,287 | $227,000 |
Programming and improvements comprise almost 57 percent of the budget this year, down almost 5 percent, from about $238,287 to $227,000. Salaries and wages is the second largest category, making up almost a third of the budget at $127,000, also down about 5 percent from $133,500 in 2023.
The remainder of the budget, almost 12 percent, is comprised of fringe benefits and administrative/operating expenses. Fringe benefits jumped from about $10,000 to $26,000 from 2023 to 2024 while administrative/operating rose slightly, from $18,000 to $20,000.
The 2023 SID budget included a new initiative called the Business Improvement Grant Program, which provided forgivable loans of $2,000 to eligible businesses for improvements, signage, or brand marketing and design services, and Minority Business Enterprise (MBE) certification of $1,000 per business.
The total SID levy of $400,000 for 2024 would be generated through a tax rate of $0.159 per $100 of assessed value on the $252,019,150 in assessed value of SID properties, according to the 2023 Union County Abstract of Ratables.
Editor’s note: The Rahway Special Improvement District is an advertiser on RahwayRising.com and sponsors the monthly reader poll.
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