Hoboken Mayor Emily Jabbour announced that the city’s initial municipal budget contains a roughly $17 million deficit, a gap that could lead to a municipal tax increase exceeding 20 percent before any spending reductions or new revenue sources are considered.
Jabbour delivered the update through a video posted on Hoboken’s social media pages. The preliminary figures represent the starting point of the budget process before revisions, cuts, or adjustments.
The mayor explained that closing the $17 million gap may require a tax increase of more than 20 percent if the city does not reduce spending or generate additional revenue…