Hoboken Mayor Emily Jabbour says that the Mile Square City’s initial budget comes with a roughly $17 million deficit and an over 20 percent tax increase.
“Right now, before we make any cuts or find any additional revenue sources, we’re looking at a $17 million dollar budget gap. Closing that gap could require a tax increase of more than 20 percent,” she said in a video posted on the city’s social media pages last night.
“Why? There are a few drivers of this increase, but the big ones are state requirements and prior agreements. About three million dollars in health insurance costs, nearly two million dollars in debt payments for really critical infrastructure projects, and around three million dollars in contractual salaries and public safety staffing.”
Jabbour also mentioned that in 2018 the budget surplus was approximately $24.1 million and it is down to about $10.4 million today…