By JOANNE L. PAPAIANNI
Asbury Park was expected to introduce the municipal budget at its Sept. 13 meeting after amending it to reflect a $300,000 reduction in state Transitional Aid.
The original budget included $850,000 in expected aid, but when the final figures were given, the city learned it is only receiving $500,000.
City Manager Michael Capabianco said to make up the difference the city used a one-time revenue, approved by the state, for the land-lease to the Michael’s Group which is developing the Renaissance Project on Springwood Avenue.
That amount, he said, is $500,000, of which $300,000 will be put in the budget to cover the shortfall and the rest towards insurance costs.
The city has been receiving transitional aid for many years, with the goal of reducing it completely.
Cities receiving the aid must adhere to state guidelines when administering the funds.