Development News for Colts Neck, New Jersey

Colts Neck Residents Voice Concerns Over Speed Limits and Affordable Housing Impacts

Residents voiced concerns during public comment regarding speed limits on residential roads, particularly Montrose Road, and the implications of affordable housing developments. Concerns were raised about the current speed limit being too high for rural residential roads with wildlife, and that studies have not led to changes. Regarding affordable housing, residents questioned the shift from owner-occupied units to rental units and the potential strain on school systems and infrastructure due to increased population density. The township acknowledged the concerns about speed limits and stated that a traffic study is ongoing for Montrose Road, with results expected in June or July. The complexities of affordable housing mandates, including financing, legal requirements, and the impact on schools, were extensively discussed by the committee.

Colts Neck Township Receives Clean 2025 Audit Report with Notable Surplus

The Chief Financial Officer, Mr. Antones, presented the 2025 audit report, noting a surplus balance of $5,140,000 at year-end, a decrease of over $519,000 compared to 2024. Total debt as of 12/31/25 was $3,311,743. The audit revealed no findings or deficiencies, and thus no recommendations for corrective action were presented. The report highlighted a tax collection rate of 97.6% for 2025 and a net debt as an equalized tax valuation of 0.78%, the lowest since 2019. Several committee members commended Mr. Antones and his staff for their diligent work in maintaining clean financial records.

Colts Neck Township to Establish Controls for Third-Party Payroll Disbursements

The committee introduced an ordinance establishing Chapter 11, concerning third-party payroll disbursement controls. This measure aims to implement necessary controls for electronic fund transfers related to payroll taxes and other withholdings, reflecting a move towards more robust financial controls in payroll processing. The public hearing for this ordinance is scheduled for June 10th.

Colts Neck Township Authorizes Sale of Property for Affordable Housing

The committee held a second reading and public hearing for Ordinance 2026-11, authorizing the sale of a property at 34 Federal Hill, Colts Neck, NJ, for affordable housing purposes. This ordinance allows the township to sell a unit previously purchased under a right of first refusal to a qualified owner, thereby maintaining the affordable housing credit for the unit. Committeewoman Bus recused herself from the vote. The ordinance passed with one recusal.