Budget Committee

Friends of Asbury Park:

At the November 7th City Council Meeting, Terry Reidy, the City Manager, announced that he is seeking citizens to serve on a Budget Committee. I was excited to learn of this because in recent weeks, I have been working on a draft plan for a "Committee for Fiscal Responsibility." From his brief explanation of what he has in mind, I believe we are on the same page on this issue. I have included a copy of my draft plan below for your review and have submitted this plan to the City Manager, along with a short list of names of citizens that I feel should serve on this committee.

It is important for each of you to know why this committee is so necessary at this point in Asbury Park's development. Because of the failed policies of the Council majority, most specifically in regards to the Waterfront Redevelopment Plan and the Waterfront Redevelopment Agreement, our city is short $8 million dollars in tax revenue to cover our bills for 2007 and it is projected that we will be short $12.5 million dollars in 2008.

For those of you who are unaware, by this point in the redevelopment of the waterfront, we should have been close to having 1200 new condominium units (300 each year). To date, we have approximately 40. One cannot blame the most recent market shifts for this lack of performance. This is a matter of incompetence on the part of Asbury Partners and an unwillingness to play hard ball on the part of the Council majority.

These are the facts and we must deal with them. What is necessary now is clear leadership and direction to get our fiscal house in order. We must recruit the most qualified citizens to help the city reach the goals and objectives I have outlined below.

If you are interested in serving on this committee, please email me at james.keady@cityofasburypark.com or email the City Manager at terence.reidy@cityofasburypark.com.

I hope this finds you well.

Peace, Councilman Jim Keady

PROPOSAL BY COUNCILMAN JIM KEADY
COMMITTEE FOR FISCAL RESPONSIBILITY
DRAFT: MISSION, GOALS, OBJECTIVES

Mission:

The Committee for Fiscal Responsibility will advise the CFO, City Manager, and City Council to create an efficient, cost effective, and performance-orientated City government.

Goals:

1. To reduce overall spending by 5% for the 2008 fiscal year and 7.5% for fiscal year 2009.
2. To increase revenues by 5% for the 2008 fiscal year and by 7.5% for fiscal year 2009.
3. To establish a five-year strategic plan for the City government.

Objectives:

1. City Council will vote on the creation of this committee and appoint its members by December 31, 2007.

2. All City Departments will submit 2008 mission, goals, objectives and budgets by December 31, 2007 and project for their departments the goals and budgets for each fiscal year from 2009 through 2012.

3. The Committee will meet once a week beginning January 2008.

4. The Committee will review proposed 2008 mission, goals, objectives and budgets and recommend spending cuts and income enhancements for each department by February 15, 2008.

5. The Committee will develop a draft five-year strategic plan for revenues and expenditures in collaboration with the CFO and City Manager by March 15, 2008.

6. The City Council will review, revise and adopt a five-year strategic plan by April 15, 2008.

7. The Committee will meet monthly with the CFO and City Manager to review the implementation of the five-year plan to review its adherence to the department budgets and the income projections, and make recommendations for necessary adjustments.

Committee Membership:

One member from each of the nine voting districts in Asbury Park; two Asbury Park City Council members; two Asbury Park business owners; one member from the NJ Department of Community Affairs, one member from the NJ Treasurer’s Office.