The budget presentation highlighted several key financial updates and projections. Notably, interest income is expected to rise from $2,500 to $8,400 due to higher interest rates. Additionally, the HUD subsidy is projected to see a slight increase, although this remains uncertain given the upcoming elections. Conversely, employee benefit costs have decreased by 15% due to changes in coverage for one employee. While insurance premiums are set to rise by about 10%, the overall expenditure increase is minimal, reflecting effective cost management despite inflationary pressures.

The budget also includes significant capital expenditures, particularly $350,000 allocated for the brick façade project. The surplus for the year stands at $2,837, but this figure is expected to be higher, around $300,000, due to carryover from the previous year.

Following the budget discussion, the meeting addressed several other topics. The executive director reported that all units in the building are currently occupied, and only minor tasks remain to complete the elevator’s renovation. The elevator’s functionality was recently tested during a power outage, and it performed as expected, thanks to the backup generator.

Discussions also covered the status of the brick façade project, which awaits the release of emergency funds from HUD. The engineering firm will put the project out for bid once these funds are released. The Federal funding secured through Congressman Smith is still pending official approval, which is expected to take 8 to 10 months.

The meeting also featured public remarks, including concerns about the safety of the scaffolding around the building and the urgency of securing the federal funds. Additionally, a discussion arose regarding the appropriate use of the building for political events. It was decided that any political meet-and-greet sessions would require further legal review to ensure neutrality.

The meeting concluded with the approval of consent agenda items, including resolutions certifying the annual statement for the 2024 Capital funds and denying a request to include the Belmar Housing Authority in the borough’s affordable housing plan.