RED BANK: PAYOUTS WILL DEPLETE FUND

rb-borough-hall-111316-2Red Bank’s borough hall during a roof replacement job in November. (Photo by John T. Ward. Click to enlarge)

By JOHN T. WARD

taxesRetirements by three senior employees in coming months won’t put an immediate squeeze on Red Bank taxpayers, two municipal officials said Tuesday.

But the departures will all but deplete a rainy day fund created to cushion the blow of outsized payouts for unused sick and vacation time, said Councilwoman Linda Schwabenbauer, who heads the finance committee.

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RETIREMENTS TO COST RED BANK $750K

rb-borough-hall-500x375Red Bank Borough Hall. (Click to enlarge)

By DUSTIN RACIOPPI

Since Governor Chris Christie enacted sweeping pension reforms this summer, two-week notices have filed into Red Bank Borough Hall. Now — as is the case in many municipalities across the state —  it’s time for town officials to figure out a payment plan.

Red Bank is on the hook for $750,000 in payouts for unused sick days and other perks as a result of 11 employee retirements, officials say. And on Monday night the council passed the first reading of an ordinance to borrow over the next five years to pay them.

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