At its December meeting, the Fort Monmouth Economic Revitalization Authority (FMERA) Board approved the Authority’s 2016 Consolidated Budget to support FMERA’s ongoing mission. This year’s budget is intended to expand the Authority’s sources of funding while continuing to control costs and direct spending to advance the Authority on the path toward financial self-sufficiency.
“The 2016 Consolidated Budget illustrates the Authority’s progress in implementing the approved Phase 1 Economic Development Conveyance (EDC) Agreement and advancing the economic redevelopment of the Fort,” FMERA Executive Director Bruce Steadman said.
Highlights from the 2016 budget:
- Projected net proceeds of $5.3 million are anticipated from the sale of 13 parcels;
- Consolidated net operating earnings are projected to exceed $1.2 million;
- The Authority’s 2016 proposed Capital Budget calls for the outlay of $1.65 million for long and short term capital projects, such as a new water main extension and sanitary sewer system on the Main Post.
The 2016 Consolidated Budget includes both the EDC Budget and the non-EDC budget. The FMERA Board also authorized Executive Director Steadman to take all necessary actions to submit grant requests to the Office of Economic Adjustment for federal funds of approximately $1.58 million to support FMERA’s operations for the 2016 calendar year, as needed.
All Board actions take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.