During the meeting, a resident expressed concern about the financial implications of legal settlements on taxpayers, referencing a recent settlement involving the Joint Insurance Fund, which resulted in the borough paying out substantial amounts. The resident pointed out that, despite insurance coverage, the borough still faced a deductible and additional costs.

In response, Mayor Larry Fox clarified that the resolution being discussed did not relate to the specific case mentioned by the resident but acknowledged the ongoing costs associated with past memberships in insurance funds. The council also noted that negotiations had reduced an invoice from the Middlesex County Municipal Joint Insurance Fund by $44,000 and allowed for payment over three years to ease the immediate financial impact on taxpayers. Despite this, concerns remained regarding the potential increase in premiums for the Monmouth County Joint Insurance Fund and the overall financial management practices.

The council proceeded with the financial agenda, which included the adoption of Resolution 2024-1, establishing a temporary operating budget for the new year. This resolution permits the borough to spend 26. 2. 5% of its annual budget before the official budget is adopted. Additionally, the council adopted Resolution 2024-2, which pertains to temporary debt service for the year and Resolution 2024-3, authorizing payments of supplemental assessments for 2001 to 2011 to the Monmouth County Municipal Joint Insurance Fund.

Council member Al Gubitosi commended the borough’s attorney for successfully negotiating the reduction of the insurance settlement invoice and for securing a payment plan that spreads the financial burden over several years. The council also briefly discussed the structure of bond anticipation notes, which currently only require interest payments, before moving to approve the resolution.