Though not nearly as bad as other Shore towns, Lakewood sure took a beating during Hurricane Sandy. According to numbers TLS obtained from the Township’s Deputy Municipal Manager Steven Reinman, Sandy cleanup in Lakewood cost close to $5,000,000.
Reinman says Lakewood is expected to pay for 10% of the cleanup costs, while the remaining 90% will be paid for by the State – from Federal funds. While the standard formula calls for a 75%/25% split between FEMA and municipalities, in this case Governor Christie expects NJ to reach the trigger point in total sandy-related expenses by mid-April, at which time the formula will automatically move to 90%/10%.
But with Lakewood set to receive several hundred thousand dollars more as reimbursement for Police and DPW overtime and other eligible expenses, the amount the cleanup will actually cost the Township is near zero, Reinman says. TLS.