The Asbury Park City Council approved a $35.5 million budget with a minimal increase in the city tax rate in June. This year, an $8 million deficit is covered by a state grant. Last year, Asbury Park's small deficit was covered by a tax increase. Since 2004, spending is up by more than $8 million, without offset revenues. Hence, an $8 million deficit. If the state had not come to the aid of our council's pleas for help, the average tax increase would have been heavy. Why continue to spend more than we have? We must look for new ways to increase revenues and cut expenditures. A Citizens Tax Advisory Board would be able to use the best and the brightest minds in this city to work on alternative ways to close our budget gap. One idea the citizens board can pursue immediately would be to create a "revenue allocation district" and a "revenue allocation financing" program. This district would encompass the entertainment area Madison Marquette is expanding. This would allow the city to establish a ratable tax amount base that would be paid to the city once full build-out of the district is accomplished. This ratable amount then would be sold via a bond and the proceeds used by the city to pay down the structural deficit — one portion used to cover the debt service and the balance for new projects. Stuart Z. Koperweis
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