State leaders plan to send an unprecedented $120 million cash infusion to Jersey City to help stabilize the city’s finances as local officials grapple with a $255 million budget shortfall.
Mayor James Solomon said the state aid would be used to pay off debt and allow the city to dedicate revenue to ongoing spending. He warned that local tax hikes and cuts to city services will still be needed to resolve Jersey City’s financial woes.
“The hard part comes next,” Solomon said in a statement. “We must close a $90 million gap between how much the city spends and what it takes in and strike a balance between reducing the burden on Jersey City families and cuts to city workers who keep this city running.”…